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RES 2015-0525 - The Conrad TIF redevelopment project plan 014AHA,NFd i°Z�� r �- Planning Department geAr Omaha/Douglas Civic Center 2W'�fjtre'��. � 1819 Farnam Street,Suite 1100 7.4 ram'+► � o t l: 3 o r� �� j�p �'7 1 Omaha,Nebraska 68183 Aoyro 111 1 (402)444-5150 4rFa ese0 Telefax(402)444-6140 City of Omaha CITY C L C R ' James R.Thele Jean Stothert,Mayor qMAtiA,. 14t RAsKADirector April 28, 2015 Honorable President and Members of the City Council, The attached Resolution transmits The Conrad Tax Increment Financing (TIF) Redevelopment Project Plan for a project site located between 36th and 37th Streets, and from Jones Street south to the alley. This in-fill redevelopment is south of the Mutual of Omaha campus and a few blocks east of the University of Nebraska Medical Center (UNMC) campus. The site is also within the boundaries of the Blackstone Neighborhood Association and the Destination Midtown Plan. The project owner is Invest Omaha I, LLC. Invest Omaha I, LLC is a single purpose development entity created by Commercial Investment Properties for the development of The Conrad Project. Mark Jepson is its Managing Director and General Counsel. The project plan proposes the clean-up of an area that included various residential structures, some with code violations and one vacant property. The project plan includes the demolition of various residential structures and the new construction of a 153-unit multi-family structure within the Blackstone neighborhood. The site will be redeveloped into a three-story multi-family structure with integrated parking, a community clubhouse, outdoor amenities and recreation space. The three-story structure will be constructed over a two-level parking garage with 175 parking stalls: 133 stalls on upper level and 42 stalls on lower level. The redevelopment will provide more housing options to support the growing needs resulting from employment opportunities and other initiatives occurring at the UNMC campus. The Planning Board recommended the approval of this Redevelopment Project Plan at the April 1, 2015 public hearing. The Redevelopment Project Plan recommends the City's participation in the redevelopment of this project site through the allocation of TIF in an amount up to $2,246,800.00. TIF will be used to offset TIF eligible expenses for acquisition, demolition, architectural and engineering fees, and public improvements as required. The total estimated project costs are $21,711,158.00, but are subject to change as final costs come in. Your favorable consideration of this Resolution will be appreciated. Respectfully submitted, Referred to City Council for Consideration: a • - -#11--4— ` ffit r,t)Ak (<1 l S--- ames R. Thele Date Mayor's Office Date Planning Director 1111)4 Approved: / et .: 171- /41.--(S— Steph . 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"s'i'►, 'MAI PA — ",y. 04,41WD FEISO** _ PLANNING• OMAHA Jean Stothert, Mayor City of Omaha James Thele, Director Planning Department Omaha/Douglas Civic Center 1819 Farnam Street, Ste. 1111 Omaha, Nebraska 68183 INTER-OFFICE COMMUNICATION City of Omaha,Nebraska Planning Department TO: Chairman and Members of the Planning Board FROM: James Thele,Planning Director DATE: March 25,2015 SUBJECT: THE CONRAD TIF REDEVELOPMENT PROJECT PLAN General boundaries:Jones Street south to the alley and 36th to 37th Streets Case#C3-15-001 Protect Summary The Conrad Redevelopment Project Plan is an in-fill redevelopment that is located a few blocks south of the Mutual of Omaha campus and a few blocks east of the University of Nebraska Medical Center (UNMC)campus. The site is also within the boundaries of the Blackstone Neighborhood Association and the Destination Midtown Plan. The project developer is Invest Omaha I, LLC, Mark Jepson, Managing Director, 1065 North 115th St., Suite 200, Omaha, Nebraska 68154. Invest Omaha I, LLC is a single purpose development entity created by Commercial Investment Properties for the development of The Conrad Project. The project plan proposes the clean-up of an area that included various residential structures, some with code violations and one vacant property. The addition of one larger, new multi-family structure in the place of the marginal quality housing structures provide better housing options, particularly for the growing housing needs resulting from employment opportunities and other initiatives occurring at the UNMC campus. This redevelopment project is a helpful housing replacement for the former Marcy Mason TIF Redevelopment Project Plan that did not occur due to various reasons: one being the housing crisis in 2008/2009 and another being the site was purchased by UNMC for parking. Project Description The project plan contemplates the new construction of a 153-unit multi-family structure within the Blackstone neighborhood; the demolition of the various residential structures is also part of the project plan. The currently vacant site will be redeveloped into a three-story multi-family structure with integrated parking, a community clubhouse, outdoor amenities and recreation space. The three-story structure will be constructed over a two-level parking garage with 175 parking stalls: 133 stalls on upper level and 42 stalls on lower level. The completion of this redevelopment site is slated for December 2016. Market Rate Apartment Unit Mix Unit Mix Units % Studio 61 40% 1 Bedrooms 57 37% 2 Bedrooms 35 23% Total 153 100% BH • �11 •gY S ,38. th 5�d � „ , ,� t l ,u, ir e rrw.c' 3Sth• li , orrig" I, 4_ . f . 1k yo a j _l l i.vl oj ; I 5s c/ill. 'R. �. ' a . W ((,-. ,,o, .„.., CF,, W ^ «i« _ u 'i r F' cnl� xsS s _ (�. i 1 CM 1 1t /' . 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S-:36th "� 'T s I raw �. • z . , is .. 1 i i ,1 1:,r., c'" i F l _ l: 7. �. rit � S: { j r /i�._..� - i a Nit �' 4,3 u ::. + fir.+ 1 +r ((( TY {A �'^: • O m Cni a I., (b` _a I` t C � } I y �/1 I r . ,, - . 31 �, ` F• I Jam`tI ...a.. !111 1 t ,rYag.i _" :1;*). ,` -- '�tl�.t.: � I �.,i.�*: .. ,. 7 CASE: C3-15-001 APPLICANT: Planning Department on behalf of the City of Omaha REQUEST: Approval of THE CONRAD TIF REDEVELOPMENT PROJECT PLAN LOCATION: Southwest of 36th and Jones Streets SUBJECT AREA IS SHADED -APRIL 2015 R7-AC I-1(PL) R7-ACI-1(PL) R7-ACI-1(PL; Jones St..._._.._. ___ R7-AC -1(PL) 1 < Jones--St R7-ACI-1(PL) R7-ACI-1(PL) J. + 1 GC-ACI-1(PL) GC-ACI-1(PL G ACI-1(PL) -L-eavenworth-St GC-ACI-1(PL) R7-ACI-1(PL) c GO-ACI-1(PL) _Len worth-.Ct 0 300 R. o Feet INTER-OFFICE COMMUNICATION Date: March 17, 2015 To: TIF Committee: James Thele, Stephen Curtiss, Al Herink, Paul Kratz, Robert Stubbe, Todd Pfitzer, Cassie Seagren, Gail Braun From: Bridget A. Hadley-City Planning Applicant: City of Omaha Planning Department Project Name: The Conrad TIF Redevelopment Project Plan Location: General boundaries: Jones Street south to the alley and 36th to 37t'' Streets Project Summary The Conrad Redevelopment Project Plan is an in-fill redevelopment that is located a few blocks south of the Mutual of Omaha campus and a few blocks east of the University of Nebraska Medical Center (UNMC) campus. The site is also within the boundaries of the Blackstone Neighborhood Association and the Destination Midtown Plan. The project developer is Invest Omaha I, LLC, Mark Jepson, Managing Director, 1065 North 115th St., Suite 200,Omaha,Nebraska 68154. Invest Omaha I, LLC is a single purpose development entity created by Commercial Investment Properties for the development of The Conrad Project. The project plan proposes the clean-up of an area that included various residential structures, some with code violations and one vacant property. The addition of one larger, new multi-family structure in the place of the marginal quality housing structures provide better housing options, particularly for the growing housing needs resulting from employment opportunities and other initiatives occurring at the UNMC campus. This redevelopment project is a helpful housing replacement for the former Marcy Mason TIF Redevelopment Project Plan that did not occur due to various reasons: one being the housing crisis in 2008/2009 and another being the site was purchased by UNMC for parking. Project Description The project plan contemplates the new construction of a 153-unit multi-family structure within the Blackstone neighborhood; the demolition of the various residential structures is also part of the project plan. The currently vacant site will be redeveloped into a three-story multi-family structure with integrated parking, a community clubhouse, outdoor amenities and recreation space. The three-story structure will be constructed over a two-level parking garage with 175 parking stalls: 133 stalls on upper level and 42 stalls on lower level. The completion of this redevelopment site is slated for December 2016. Market Rate Apartment Unit Mix Unit Mix Units Studio 61 40% 1 Bedrooms 57 37% 2 Bedrooms 35 23% Total 153 100% Project Finance Summary-Sources&Uses Oiltnitgrr -*Unit 4-Wiri Owner Equity $3,464,358 Other Financing-Conventional Loan-First National Bank Omaha $16,000,000 TIF Financing-First National Bank Omaha $2,246,800 Total Sources of Funds $21,711,158 Land&Building Acquisition $ 1,690,433 Demolition $ 192,751 Construction $ 16,828,985 Financing& Soft Costs $ 1,557,970 Project Management $ 982,019 Contingency $ 459,000 Total Uses of Funds $ 21,711,158 Final Valuation Per the applicant, the TIF request is based on a projected valuation of$11,475,000 (153 units x $75,000 assessed value per unit) minus the 2015 base year valuation of$137,200, ultimately creating an estimated incremental increase in assessed property value of$11,337,800,together with an interest rate of five(5%) percent and capitalizing interest for two(2)years. See the TIF calculation sheet within the application. Land Use and Zoning Current use is vacant land as the residential structures, some with code violations, were demolished. The proposed redevelopment contains portions of platted lots of record and the east-west alley in Coburn's Subdivision. The redevelopment site will be platted into one lot of record: the parcel south of Jones Street and north of the alley. The north/south portion of the alley is slated to be vacated. A 24 foot alley with parking will be provided for via the granting of an 8 foot access easement north of and parallel to the east/west alley. The east/west portion of the alley will remain as is; there will be no dedication or vacation. The redevelopment site for the proposed multi-family residential use is currently zoned R7 ACI-1(PL). There is a pending rezoning request to change to R8 ACI-1(PL). Utilities and Public Improvements Standard utilities(electrical,water, sewer)exist at the site/within the area. Public improvements associated with the redevelopment site are as follows: • sidewalks, • curbs and gutters, • landscaping, • parking stalls improvements along 35th, 36th, and Jones streets, • alley improvements and • utility relocations and extensions The estimated costs of these improvements are $278,300 as shown in the Development Financing Plan section of the application. Transportation There are no significant transportation issues to resolve. Mandatory Criteria—from the application 1. The Conrad project site is located within the Midtown West Redevelopment Plan Area, an area designated Blighted and Substandard Area of the City of Omaha. (Community Development Law §182103) 2. The proposed use of TIF will not result in a loss of pre-existing tax revenues to the City of Omaha and other taxing jurisdictions. (Community Development Law §18-2113 and §18- 2116) 3. As demonstrated in the TIF pro forma, The Conrad project is not economically feasible without the use of Tax Increment Financing because the returns on investment are unacceptable without the use of TIF. (Community Development Law §18-2113 and §18-2116) 4. Project furthers the City's Comprehensive Plan, in particular the development requirements of the Midtown West Redevelopment Plan, by providing a diversity of safe and sustainable housing for the Midtown West Omaha area. The redevelopment project will revitalize and enhance Blackstone neighborhood,there is no site alternative for the project. The project will also create a number of construction jobs as well as on-site management positions. (City of Omaha Charter §7.04,The Master Plan; See Community Development Law §18-2112) Cost Benefit Analysis—from the application 1. Tax shifts resulting from the approval of the use of funds pursuant to section 18-2147 (of the Community Development Law); The Conrad project will create an entirely new tax base with no resulting tax shifts. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from projects receiving incentives; The Conrad Project will provide new public infrastructure, including alley grade and parking improvements, landscaping, public sidewalks and parking stalls along public streets adjacent to the site. It will benefit public service needs by providing housing and jobs that will be accessible to mass transit providers(Metro)along the Leavenworth Street corridor. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project; Tax Increment Financing incentives will create additional opportunities for the employers and employees involved in The Conrad Project. Areas of benefit include development, lending, design, construction and property management industries. 4. Impacts on employers and employees within the city or village and the immediate area that are located outside of the boundaries of the area of the redevelopment project; and, The Conrad Project will stimulate economic activity and jobs, which will have an indirect benefit on Nebraska employers and employees not receiving direct incentives or benefits. For example, construction workers will likely support restaurants in the vicinity of the project site during the construction period. Following construction, The Conrad residents and employees will have a similar but longer term effect. 5. Any other impacts determined by the authority to be relevant to the consideration of costs and benefits arising from the redevelopment project: The Conrad Project will help to further develop the Blackstone neighborhood and catalyze development in the areas East and West of 36th Street and adjacent to the growing Medical Center campus. The project will be the first of a new business venture, Commercial Investment Properties Development that will focus on multi-family development throughout the upper-Midwest. Initially, that entity will have 4 FTE. The project will provide site property management of 5 FTE of staffing. The total payroll and benefits impact of all of these is estimated at$1,562,517. TIF Justification The project site is located within a Community Redevelopment Area, meets the requirements of Nebraska Community Development Law and qualifies for the submission of an application for the utilization of Tax Increment Financing to cover costs associated with project development as submitted for approval through the Tax Increment Financing process. The project is/or will be in compliance with the Master Plan, appropriate Ordinances and development regulations of the City. This redevelopment project plan helps to strengthen the residential fabric of the Blackstone neighborhood and provide additional housing options for nearby major Omaha employment centers: UNMC and Mutual of Omaha. The project plan supports the Destination Midtown Plan and the City's goal to continue to provide decent, safe and sanitary housing. As a result of this project, several of the housing structures exhibiting substandard and blighted conditions and code violations within the neighborhood are removed. Ultimately,this project plan will help to enhance the tax base for various taxing jurisdictions. TIF will be used to offset costs such as acquisition, demolition, architectural and engineering fees, and public improvements as required. Total estimated project costs are $21,711,158. TIF Eligible costs are as follows: Land&Building Acquisition $1,690,433 Demolition $ 192,751 Public Improvements (includes some site prep) $ 278,300 Contingency(10% of contingency total) $ 45,900 Engineering $ 22,950 Architectural $ 30,600 Total $2,260,934 TIF Fees $ 28,468 Total TIF Eligible $2,289,402 The TIF request is 10.3%of the total project costs. Request: The TIF request is for up to $2,246,800, inclusive of capitalized interest. Using the current levy rate of 2.18859% and other assumptions of the TIF calculation spreadsheet supports the TIF request, inclusive of capitalized interest. See attached TIF calculation spreadsheet(s). TIF Fee Schedule: $500 application fee was paid;the processing fee of$3,000 will be collected; $24,968 in administrative fees will also be billed. Total fees will be $28,468. Recommendation: Approval ATTACHMENTS TIF Application TIF Calculation Spreadsheets O m CO I,O r,al o m CO VD 00 m C)CO u1 CD N o a(O N m N m CD CD N 0n I6 Q CD r 1 ul m ul M I�N N rn o N CD m O m v-1 M CD a(D(0 cn I- m m a N M N O u1 m al u1 01 01 m cn N a VD N 00 m 00 I-l0 a N 01 u1 a lD a u1 01 N a(n l0 N M Lin u)I.lD a N a CA I, ul CO a CA I- ul M aH CO l0 a HI cn VD M a 00 Vl N W u1 u1 u1 ul u1 ul u1 ul ul ul a a a a a m M M rn 01 N N N N a-1 aH a ati O 115 E C • a E. a orma 01n0 m o 0 o O o O O o O o O o 0 0 o O O O CI O o O o 0 0 0 m O o CD C moor,,, o Y oo o Nl .. 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Commercial Investment Properties _r ``"r+ ............ 1065 North 115th St., Suite 200 w Omaha, Nebraska 68154 $ rat- Page 1 24 Tax Application Increment FinancingA lication for The Conrad Apartment Homes Project Name The Conrad Invest Omaha I, LLC Midtown West Redevelopment Project Area Located Jones Street South to the Alley bounded by 36th Street to 37th Street Omaha, Nebraska Project Legal Description: See Attachment B, Property Address: 3600 Jones Omaha, Nebraska 68105 Alta Survey and legal description (requested new address during re-platting of the Replatting in process as: LOT 1 COBURN'S properties.) SUBDIVISION OF BLOCK ELEVEN WEST OMAHA, AN ADDITION TO THE CITY OF OMAHA, IN DOUGLAS COUNTY, NEBRASKA. Property/Owner/Applicant Name: Property Owner Address: Invest Omaha I, LLC, Thomas Schleich, 1065 North 115th Street, Suite 200, Omaha, Nebraska Manager, Mark D. Jepson, Managing Director 68154 and General Counsel New Construction:Yes Proposed Project Size: Rehabilitation: No 152,406 Gross SqFt (Building(s)) LIHTC: No 128,021 Net SqFt (Building(s)) Market Rate Project:Yes 1.77# of Acres Historic Tax Credit Project: No 193,906 Lot Parcel Size Estimated Total Project Cost: $21,711,158 TIF Request: $2,246,800 Current Use:Vacant Land Current Zoning: R7-Medium-Density Multiple Family Residential District R7-ACI-1(PL)). Current Annual Taxes (2014 Tax Year) $26,607.18 Current Assessed Valuation (2015 Tax Year) Land:$137,200.00 Improvements: $0.00 Total:$137,200.00 I. Narrative A. Description Project Description The Conrad project is an in-fill, 153-unit high density rental residential redevelopment project located between 35th, 36th and Jones Streets in the Blackstone neighborhood. The project developer is Invest Omaha I, LLC, Mark Jepson, Managing Director, 1065 North 115th St., Suite 200, Omaha, Nebraska 68154. Invest Omaha I, LLC is a single purpose development entity created by Commercial Investment Properties for the development of The Conrad Project. The currently vacant site will be redeveloped into a three-story residential building with integrated parking for 153 apartment homes, a community clubhouse and outdoor amenity and recreation space. The three-story apartment complex will be constructed over a two-level parking garage with 175 parking stalls (133 stalls on upper level and 42 stalls on lower level). (See attached site plans). Pa >, �: 2 I 24 C/P Tax Increment Financing Application for The Conrad Apartment Homes \ J� Current Use: Currently, unimproved vacant land. The project site had fourteen (14) parcels bounded Jones Street south to the alley north of Leavenworth, east and west by 36th and 37th Street. The total property purchased included two lots on Leavenworth that were single family homes: one owner occupied and one rental. These structures have been cleared and a re- plat request submitted. The two parcels will be combined into one lot and reserved for future development. Formerly, the fourteen parcels on the project site had thirteen (13) structures: one (1) vacant lot, one (1) apartment building, and two (2) duplex rentals. Ten (10) were single family dwellings: three (3) owner occupied, three (3) single family rentals, three (3) multi-family rentals, one (1) vacant. Two (2) of the dwellings were duplex rentals and one (1) was an apartment building. Five (5) of the dwellings were on the City of Omaha's Planning Department significant housing code violations monitoring list. After asbestos removal and required environmental abatement, all structures have been demolished and removed. Planned Use: Multifamily Residential The Conrad site will be re-platted into a single lot of approximately 1.71 acres (77,316 sq. ft.), 0.010 acres of which will be dedicated as right of way. This single lot was formerly comprised of Lots 1-4 and 11-14. (See attached ALTA Survey). The acquisition cost for The Conrad Project property was $1,690,433. The estimated development cost, including acquisition costs for The Conrad project is $21,711,158. The Conrad apartment homes will be constructed over a two-level parking garage with 175 parking stalls (133 stalls on upper level and 42 stalls on lower level). (See attached site plans). Access is provided to and from the garage at the east-west alley between Jones and Leavenworth streets. The current design concept envisions a variety of studio (61), one (57) and two bedroom (35) plans ranging in unit size from 445 to 1,278 square feet exclusive of balcony with a clubhouse, indoor amenities and an outdoor courtyard and amenity space. Overall, The Conrad will provide 119,697 net leasable square feet, with the average apartment residence offering 811 square feet of living area. Lease rates are expected to extend from $710 to$1,695 monthly, with an average 739 square foot apartment home carrying a monthly rent of$1,181 or $1.48 per square foot. Unit Mix Units Studio 61 40% 1 Bedrooms 57 37% 2 Bedrooms 35 23% Total 153 100% Page 3 I 24 C/P Tax Increment Financing Application plication for The Conrad Apartment Homes B. Land Use Plan The Future Land Use Element of the City's Master Plan designates the project site: south of Jones Streets to the alley, bounded by 36th and 37th Street as High Density Residential. The entire purchased property will be platted into two lots of record with only the parcel south of Jones Street and north of the alley and rezoned and developed at this time. The two lots on Leavenworth that were cleared and will be re-platted to one lot, landscaped, maintained and reserved for future development. The proposed development includes portions of platted lots of record and the east-west alley in Coburn's Subdivision. The north/south portion of the alley will be vacated. There is an 8 foot access easement north of and parallel to the east/west alley granted to provide for a 24 foot alley with parking. The east/west portion of the alley will remain as-is (no dedication or vacation). Subdivision of the property will comply with Chapter 53 Subdivision of the Omaha Municipal Code. C. Zoning: Current and Proposed The property for the proposed multiple family residential use is currently zoned Residential 7-Medium-Density Multiple Family Residential District, Area of Civic Importance (R7-ACI-1(PL)) with a rezoning request pending to change to Residential 8- High-Density Multiple Family Residential District, Area of Civic Importance (R8, ACI- 1(PL)). All site development regulations are in compliance with the goals of the Midtown West Redevelopment District and the City of Omaha's zoning and urban design guidelines. The Developer is requesting that the City file its Notice to Divide after the property is subdivided and the final plat has been recorded in the Office of the Douglas County Register of Deeds. The Notice to Divide will set the base year valuation as of January 1, 2015, and the division date will be set for January 1, 2016. D. Public Improvements Public improvements related to the project site (e.g. sidewalks, curbs and gutters, landscaping, parking stalls improvements along 35th, 36th, and Jones streets, alley improvements and utility relocations and extensions) to meet the requirements of the Omaha Planning Department and the proposed The Conrad Tax Increment Financing Redevelopment Project Plan are estimated to cost $278,300 shown in the Development Financing Plan below and in the attached Public Improvements/TIF Eligible and the Estimated Construction budget. E. Historical Status — Not applicable f' agc 4124 C/P Tax Application Increment FinancingA lication for The Conrad Apartment Homes \ -� II.Development Financing Plan A review of the attached Sources and Uses of Funds for The Conrad Project evidences that the project lender is requiring an equity contribution in the amount of$3,464,358. As evidenced by the attached TIF pro forma, the projected return on equity without TIF would be only 2.30% and with TIF, 6.92%. An equity return of 2.30% is not sufficient for a new construction real estate investment involving construction, stabilization and ongoing operating risks. Therefore, the project would not proceed without the use of Tax Increment Financing. A projected pro-forma, which assumes the availability of Tax Increment Financing, is attached. Sources & Uses/Total Project Costs Sources of Funds Owner Equity $ 3,464,358 Other Financing— Conventional Loan—First National Bank Omaha $ 16,000,000 TIF Financing—First National Bank Omaha $ 2,246,800 Total Sources of Funds $ 21,711,158 Uses of Funds Land & Building Acquisition $ 1,690,433 Demolition $ 192,751 Construction $ 16,828,985 Financing & Soft Costs $ 1,557,970 Project Management $ 982,019 Contingency $ 459,000 Total Uses of Funds $ 21,711,158 Based on discussions with the Douglas County Assessor's Office, the anticipated assessed valuation for the base year will be land value only in the amount of$160,300, reference Attachment F, Property Tax and TIF Calculation pages. This application requests the approval of a TIF loan in the principal amount of $2,246,800 to support the development of The Conrad. This TIF request is based on a projected valuation of$11,475,000 (153 units x $75,000 assessed value per unit) minus the 2015 base year valuation of$137,200, ultimately creating an estimated incremental increase in assessed property value of$11,337,800, together with an interest rate of five (5%) percent and capitalizing interest for two (2) years. Please reference the attached TIF calculation sheet. TIF will be used to offset such costs as acquisition, site work, demolition, architectural and engineering, surveys and public improvements in the project area. The total estimated project costs are $21,711,158. TIF requested is $2,246,800. TIF eligible Page 5124 C/P Tax Increment Financing Application for The Conrad Apartment Homes costs total $2,011,102 and are as follows (reference Public Improvements/TIF Eligible and the Estimated Construction budget attachments): I TIF Eligible Estimate * 10% of actual cost Land & Building Acquisition $ 1,690,433 Demolition $ 192,751 Engineering $ 22,950 Architect $ 30,600 TIF fees $ 38,000 Contingency $ 45,900 Public Improvements-see detail below $ 278,300 Total $ 2,011,101 Public Improvements Public improvements related to the project site (e.g. sidewalks, curbs and gutters, landscaping, modification of parking stalls along 35th, 36th, Jones, and Leavenworth Streets, alley improvements and utility relocations and extensions) to meet the requirements of the Omaha Planning Department and the proposed The Conrad Tax Increment Financing Redevelopment Project Plan are estimated to cost $278,300 and are included in the attached construction budget. Public Improvements I OPPD Relocations $ 110,272 Cox Relocations $ 13,600 Centurylink Relocations $ 19,550 Public Alley Paving $ 40,000 Drive Approaches $ 4,313 Site Fence and Railings $ 8,500 Retaining walls $ 65,000 Concrete Sidewalks $ 13,065 Pavement markings/handicap signage $ 4,000 Total $ 278,300 I Pagc 6 24 0 Cez 0 o O U o ro O bA W E-1 0 0 0 o 0 0 0 0 0 0 0 O ,r Cl 0 0 00 .--i 00 Lam- 40 N 00 .--a .--1 00 O 0 00c+0 � 1(� 0 0 0 00 tC O 0 tf� c 10 00 N .--I O kn c0 O 00 r- d N d� CA 1 " O O r-I 4 O co 4O N 00 L: CV' 6i‘ ri C9 0 d' 1-4 CA O N 10 00 LO 1-4 'I' 0 CV N C9 .--I 00 Ica 0') 'I, N C'rJ CD- N r-1 ••--I CD r--i r-I .--1 eN r-- N 9 69-6 6A- 99- 69- 69- 69 69- ER- 69 ,14 cd O zo •0 CO CO CI V n •-' z � CI) w � 0 o � w o .� . U w CI) CZw o aCl) o a� p �" V cad Cl) cd .', O VI O U U U '0' 0 tj W .-) b 0 0 Q' o o ct 0 o .� ;•4 o h rn rn wCHE-i aA0wa0 CIP Tax Increment Financing Application lication for The Conrad Apartment Homes ` y III. Construction Budget, Itemized Public Improvements, and Project Timeline 1. Overall construction budget is estimated to be $16,828,985 and create and estimated 227 construction jobs. See the construction budget below. 2. Construction of The Conrad Project is scheduled to begin in July 2015. Scheduled completion of the all project components is December 2016. The projected full lease up of the units is anticipated to reach sustainable occupancy within 12 months and full occupancy is projected within 18 months. 3. Bid Time, Review and Prepare Budget 5.5 weeks 4. Permit Process 5-6 weeks 5. Mobilization 1 week 6. 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Q Z W 2 CO vp)L 2 5 5 a C N Public Improvements OPPD Relocations $ 110,272 Cox Relocations $ 13,600 Centurylink Relocations $ 19,550 Public Alley Paving $ 40,000 Drive Approaches $ 4,313 Site Fence and Railings $ 8,500 Retaining walls $ 65,000 Concrete Sidewalks $ 13,065 Pavement markings/handicap signage $ 4,000 Total $ 278,300 I TIF Eligible * 10% of actual cost Land & Building Acquisition $ 1,690,433 Demolition $ 192,751 Engineering $ 22,950 Architect $ 30,600 TIF fees $ 28,468 Contingency $ 45,900 Total $ 2,011,102 Grand Total $ 2,289,402 TIF Supported Calculation $ 2,246,800 Eligible Expenses Above Supported TIF calculation $ 42,602 \`C/P Tax Increment Financing Application for The Conrad Apartment Homes V. Return on Investment Analysis Pa g c 9 24 ! K! § a ! H. / k k E. \ ) k ) \\ \ \ \ \ ( \\ \ ti it s s \ \ \ 2 ] \\ \ A. E. 9 ` \\ \ \ \ \ ] \/ \ ? ? \ ! .! K � � \ \ ) & ] ( — — / F.,' ) ] ` i F, ` !( ! ! � [ % ) ) \ \) } s ( \ R.' 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The Conrad project site is located within the Destination Midtown Plan Area, an area designated Blighted and Substandard Area of the City of Omaha. (Community Development Law §182103) 2. The proposed use of TIF will not result in a loss of pre-existing tax revenues to the City of Omaha and other taxing jurisdictions. (Community Development Law§18- 2113 and§18-2116) 3. As demonstrated in the TIF pro forma, The Conrad project is not economically feasible without the use of Tax Increment Financing because the returns on investment are unacceptable without the use of TIF. (Community Development Law §18-2113 and §18-2116) 4. Project furthers the City's Comprehensive Plan, in particular the development requirements of the Destination Midtown Plan, by providing a diversity of safe and sustainable housing for the Midtown West Omaha area. The redevelopment project will revitalize and enhance Blackstone neighborhood, there is no site alternative for the project. The project will also create a number of construction jobs as well as on-site management positions. (City of Omaha Charter §7.04, The Master Plan; See Community Development Law§18-2112) VII. Cost Benefit Analysis 1. Tax shifts resulting from the approval of the use of funds pursuant to section 18- 2147 (of the Community Development Law); The Conrad project does not result in tax shifts. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from projects receiving incentives; The Conrad Project will provide new public infrastructure, including alley grade and parking improvements, landscaping, public sidewalks and parking stalls along public streets adjacent to the site. It will benefit public service needs by providing housing and jobs that will be accessible to mass transit providers (Metro) along the Leavenworth Street corridor. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project; Tax Increment Financing incentives will create additional opportunities for the employers and employees involved in The Conrad Project. Areas of benefit include development, lending, design, construction and property management industries. 4. Impacts on employers and employees within the city or village and the immediate area that are located outside of the boundaries of the area of the redevelopment project; and, Pagc 10I24 C/P Tax Increment Financing Application for The Conrad Apartment Homes The Conrad Project will stimulate economic activity and jobs, which will have an indirect benefit on Nebraska employers and employees not receiving direct incentives or benefits. For example, construction workers will likely support restaurants in the vicinity of the project site during the construction period. Following construction, The Conrad residents and employees will have a similar but longer term effect. 5. Any other impacts determined by the authority to be relevant to the consideration of costs and benefits arising from the redevelopment project: The Conrad Project will help to further develop the Blackstone neighborhood and catalyze development in the areas East and West of 36th Street and adjacent to the growing Medical Center campus. The project will be the first of a new business venture, Commercial Investment Properties Development that will focus on multi-family development throughout the upper-Midwest. Initially, that entity will have 4 FTE. The project will provide site property management of 5 FTE of staffing. The total payroll and benefits impact of all of these is estimated at $1,562,517. EMPLOYMENT INFORMATION Permanent Jobs (FTE) to be CREATED 9 Permanent Jobs (FTE) to be RETAINED 5 Permanent Jobs (FTE) to be RELOCATED 0 TOTAL 9 Anticipated Annual Payroll $ 1,562,517 Estimated number of construction and related jobs to be 227 created during construction phase Financial Statement Invest Omaha I, LLC is a single-asset entity that is the owner of the land 35th to 36th and Leavenworth to Jones Streets, the future site of The Conrad Project. This entity became active in 2014 and therefore no financials are currently available. The entity that will be the holder of The Conrad Redevelopment Promissory Note is Invest Omaha I, LLC. Certificate of Organization for the entity is attached in Attachment E. Organization Documentation. Page 11 I24 C/P Tax Increment Financing Application for The Conrad Apartment Homes .� VIII.ATTACHMENTS A. Site Plans & Elevations Page 12124 r r E ` x i I I;, �, r r Jy J 1 1 ,::::1 t .: r. I 1 1 a• s ; fi t•' '! ,p > r '4'.1. 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I j j I j I 1 i I i ,4 .6•.61 i :PM / .6-AI i .I1-.61 / .adi i .0,01 ) .6-.61 'i :VAS 'i trAl 5-. C/P Tax Increment Financing Application for The Conrad Apartment Homes B. Alta Survey and legal description (site specific) 1. Project Legal Description: As requested during the re-plat: Beginning at the Northeast Corner of Said Lot 1, Coburn's Subdivision; said point also intersects the south right of way line of Jones Street and the West right of way line of 36th Street; thence on the West right of way line of 36th Street, S02'39'24"E, 234.33 feet to a point on the North Line of Public Alley; thence on said North line on Public Alley, S87'38'55"W, 330.50 feet to a point on the East right of way line of 37th Street; thence on said East right of way line, NO2'21'42"W, 234.40 feet to the Northwest corner of said block 11, said point also intersects the East right of way line of 37th Street and the South right of way line of Jones Street; then on said South right of way line of Jones Street, N87'39'39"E, 329.29 feet to the point of the beginning. Said Lot 1 contains a calculated area of 77,316.31 sq. ft. or 1.175 acres more or less, 0.10 acres of which is to be dedicated as right of way. As currently surveyed, as of February 3, 2015, platted and recorded in Douglas County, Nebraska: PARCEL 1: THE NORTH 33 1/3 FEET OF THE EAST 95 FEET OF LOT ONE (1); PARCEL 3: THE SOUTH 24 2/3 FEET OF LOT ONE (1) TOGETHER WITH THE EAST HALF (E1/2) OF VACATED ALLEY ADJOINING ON THE WEST AND NORTH 8 2/3 FEET OF LOT TWO (2); PARCEL 4: THE SOUTH 33 1/3 FEET OF THE NORTH 42 FEET OF LOT TWO (2); PARCEL 5: THE SOUTH 16 FEET OF LOT TWO (2) AND THE NORTH 9 FEET OF LOT THREE (3); PARCEL 6: THE SOUTH 42 FEET OF THE NORTH 51 FEET OF LOT THREE (3); PARCEL 7: THE SOUTH 7 FEET OF LOT THREE (3) AND THE NORTH 27 FEET OF LOT FOUR (4); PARCEL 8: THE SOUTH 33 FEET OF LOT FOUR (4); PARCEL 11: THE NORTH HALF (NIA) OF LOT ELEVEN (11); PARCEL 12: THE SOUTH HALF (S1/2) OF LOT ELEVEN (11); PARCEL 13: LOT TWELVE (12); PARCEL 14: LOT THIRTEEN (13); PARCEL 16: THE WEST 116 FEET OF LOT FOURTEEN (14); ALL IN COBURN'S SUBDIVISION OF BLOCK ELEVEN WEST OMAHA, AN ADDITION TO THE CITY OF OMAHA, IN DOUGLAS COUNTY, NEBRASKA. AND PARCEL 2: THE EAST 33 1/3 FEET OF THE WEST 60 FEET OF LOT ONE (1), IN COBURN'S SUBDIVISION OF BLOCK ELEVEN WEST OMAHA, AN ADDITION TO THE CITY OF OMAHA, IN DOUGLAS COUNTY, NEBRASKA, TOGETHER WITH THE EAST HALF (E1A) OF VACATED ALLEY ADJOINING ON THE WEST. AND PARCEL 15: THE EAST 39 FEET OF LOT FOURTEEN (14), IN COBURN'S SUBDIVISION OF BLOCK ELEVEN WEST OMAHA, AN ADDITION TO THE CITY I a gc 13 24 C/P Tax Increment Financing Application for The Conrad Apartment Homes OF OMAHA, IN DOUGLAS COUNTY, NEBRASKA, TOGETHER WITH THE WEST HALF (W1/2) OF THE VACATED ALLEY ADJOINING ON THE EAST. I) e 14 24 P Tax Increment Financing Application lication for The Conrad Apartment Homes C. Documentation of Ownership or Site Control SEE" /1 FILE' ti I' age 15I24 P Tax Increment Financing Application lication for The Conrad Apartment Homes D. Preliminary Commitment Letters for Financing with terms First National Bank Omaha, has provided a letter supporting financing of the TIF loan and also will look favorably upon providing construction financing for the project. (See attached). Commercial Investment Properties has a long relationship with First National Bank Omaha having developed over 5,000 units in the Omaha/Lincoln area in the last two decades with the majority of those developments financed by First National Bank Omaha. I' agc 16I24 ':I t s) N U t l u l KA I Boni, 1620 Dodge Street Omaha NE 68197 402.341.0500 March 16,2015 Commercial Investment Properties Attn: Mark Jepson 1065 N. 115th St., Ste.200 Omaha,NE 68154 RE: Construction/Mini-Perm Financing TIF Financing Invest Omaha I,LLC Dear Mr.Jepson: First National Bank of Omaha("Bank")has approved a construction/mini-perm loan and a TIF loan for Invest Omaha I, LLC("Borrower")to construct an 153-unit multifamily property to be located at 37`h and Leavenworth in Omaha, NE. Below lists out the general structure of both commitments. TIF NOTE 1. Borrower: Invest Omaha I, LLC("Borrower"). 2. Loan Amount: $2,200,000.00 plus accrued interest. 3. Loan Term: Fifteen(15)years. 4. Interest Rate: The interest rate will be fixed at 5.00%for the entire Loan Term. 5. Loan Repayment: Interest will accrue for the first two (2) years of the loan term, with semi-annual principal and interest payments commencing with the third loan year, with payments due in June and November of each year in an amount necessary to amortize the loan balance over the remaining term of the loan. 6. Collateral: First lien upon the tax increment financing proceeds, in the form of a Security and Pledge Agreement executed by the City of Omaha, assigning annual tax increment receipts as security for the Redevelopment Promissory Note. CONSTRUCTION/MINI-PERM LOAN 1. Borrower: Invest Omaha I, LLC("Borrower"). 2. Loan Amount: $16,000,000. 3. Construction Loan Term: 3 years. Monthly interest only payments due on the 1st day of each month during the Construction Loan Term based upon the amount of the loan advanced with the principal and all accrued and unpaid interest due at maturity. 4. Mini-Perm Term: 2 years. Monthly principal & interest payments based upon the loan balance and 25- year amortization,with the principal balance,all accrued and unpaid interest due at maturity. 5. Collateral: First deed of trust, security agreement on the Project and first security interest in Borrower's revenues, accounts, personal property and intangibles associated with the Project, an assignment of the other operational contracts, including the management contract, lease agreements and agreements as appropriate to protect Lender's interests in the Project. A CREDIT AGREEMENT MUST BE IN WRITING TO BE ENFORCEABLE UNDER NEBRASKA LAW. TO PROTECT YOU AND US FROM ANY MISUNDERSTANDINGS OR DISAPPOINTMENTS,ANY CONTRACT, PROMISE, UNDERTAKING, OR OFFER TO FOREBEAR REPAYMENT OF MONEY OR TO MAKE ANY OTHER FINANCIAL ACCOMMODATION IN CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION OF CREDIT, OR ANY AMENDMENT OF, CANCELLATION OF, WAIVER OF, OR SUBSTITUTION FOR ANY OR ALL OF THE TERMS OR PROVISIONS OF ANY INSTRUMENT OR DOCUMENT EXECUTED IN CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION OF CREDIT,MUST BE IN WRITING TO BE EFFECTIVE. FIRST NATIONAL BANK OF OMAHA,a national banking association By: Keith Swanson,Vice President C/P Tax Increment Financing Application for The Conrad Apartment Homes E. Organization Documentation Documents below: 1. Corporation, LLC or partnership papers 2. Current Certificate of Good Standing 3. Documentation stating authorized signors — below extract from LLC Operating Agreement ) lv n LE- &k I' agc 17 I 24 NE Sec of State John A.Gale CORP-CRTO 9000101063-Page 1 of 1 INVEST OMAHA I,LLC Filed:05/20/2014 02:25:53 PM CERTFICATE OF ORGANIZATION OF INVEST OMAHA I,LLC ARTICLE I Name The name of this limited liability company is. Invest Omaha I,LLC(the"Company"). ARTICLE II Designated Office Address The Company's designated office address in Nebraska is 8644 Executive Woods Drive Lincoln,Nebraska 68512. ARTCLE III Registered Office and Registered Agent 3.1 Office. The initial registered office of the Company is 8644 Executive Woods Drive,Lincoln,Nebraska 68512. 3.2 Agent. The name of the initial registered agent of the Company at such address is Mark D.Jepson. The undersigned, being the Organizer of the Company, hereby adopts and signs the foregoing Certificate of Organization of the purposes of forming the Company. Dated this 19th day of May,2014. 7294,4_027, Mark D.Jepson,Organizer STATE OF NEBRA.SKA United States of America, } ss. Secretary of State State of Nebraska } State Capitol Lincoln, Nebraska I, John A. Gale, Secretary of State of the State of Nebraska, do hereby certify that INVEST OMAHA I, LLC a limited liability company filed a Certificate of Organization on May 20, 2014. I further certify that attached is a true and correct copy of the above mentioned Certificate of Organization. This certificate is not to be construed as an endorsement, recommendation,or notice of approval of the entity's financial condition or business activities and practices. In Testimony Whereof, I have hereunto set my hand and �. ti I i affixed the Great Seal of the State of Nebraska on this date of r, May 20, 2014 tl # /l! 4 Secretary of State r f1I411 i r''''", STATE OF NEBRASKA United States of America, } ss. Secretary of State State of Nebraska ; State Capitol Lincoln, Nebraska I, John A. Gale, Secretary of State of the State of Nebraska, do hereby certify that INVEST OMAHA I, LLC a limited liability company duly formed under the laws of this state on May 20, 2014, has paid all applicable fees, taxes and penalties to the Secretary of State; the most recent biennial report required has been filed; the company has not delivered to the Secretary of State a statement of dissolution or termination or been administratively dissolved by the Secretary of State and said limited liability company is in existence as of this date. This certificate is not to be construed as an endorsement, recommendation, or notice of approval of the entity's financial condition or business activities and practices. In Testimony Whereof, _ I have hereunto set my hand and >``�"`®�� affixed the Great Seal of the .- ^ `tE�� T`t ?' .4i � State of Nebraska on this date of ,11 /'/57 v et' ti 411 February 11, 2015 '',/il ,,,l ''-yrivi, , , 1/4-471:41itriolit. .',:f c4 ,.,,,',,1 4. k1;.„e_Q_____.. sei,,,, ..... ,ir'' '"7 7 r dl t� 4 — '2' �% Secretary of State \t.,RCN l" '��'.... � C/P Tax Increment Financing Application lication for The Conrad Apartment Homes Development Team Invest Omaha I, LLC is owned by Commercial Investment Properties,with Mark Jepson as Managing Director of the limited liability company. Today, under the leadership of brothers Tom and John Schleich, CIP has developed 23 facilities, totaling nearly 5,000 units in Lincoln, Omaha and surrounding areas with total real estate holdings of approximately $452 million as of year-end 2013. It manages over 5,000 multi-family housing units, nearly 300,000 square feet of commercial real estate and two hotels. The company's prominent Omaha developments include: Eagle Run, The Villas of Omaha at Butler Ridge, The Grand Legacy, Stone Creek Villas, and Southwind Villas. Developments in Lincoln include The Flats at 84, The Villas at Wilderness Ridge, North Pointe Villas Ridge Pointe Villas, The Northbrook Apartments, Stone Ridge Estates, Pinebrook Apartments, Cascade Pines, Northridge Heights, Fountain Glen, Williamsburg Park, Pine Lake Heights, Lakeview Park, Skyline View, Folsom Ridge, and Highland View. Project Team Developer: Invest Omaha I, LLC Mark Jepson Managing Director and General Counsel Commercial Investment Properties 1064 North 115th St., Suite 200 Omaha, Nebraska 68154 General Contractor: Brester Construction 5940 South 57th Street Suite A Lincoln, NE 68156 Architect: Studio 951 720 0 Street Lincoln, NE 68508 Civil Engineer: Olsson Associates 2111 S. 67th Street Suite 200 Omaha, NE 68106 Legal: Fullenkamp, Doyle & Jobeun 11440 West Center Road Omaha, Nebraska 68144-4421 Ni g c 18I24 CIP Tax Increment Financing Application for The Conrad Apartment Homes In 1981, the Schleich Family founded Commercial Investment Properties in their hometown of Lincoln, NE. It began as a fee management company with a focus on multi- family housing. By the late 1980's, CIP was managing nearly 3,000 apartment units throughout Lincoln. In 1992, the company expanded into development and ownership. Today, under the leadership of brothers Tom and John Schleich, CIP has built 23 facilities, totaling nearly 5,000 units in Lincoln, Omaha and surrounding areas, and Alliance, NE with total real estate holdings of approximately $433 million as of year-end 2013. It manages over 5,000 multi-family housing units, nearly 300,000 square feet of commercial real estate and two hotels. Tom and John have built a leadership team poised for growth and continued success to complement their own areas of expertise. Tom's brings vast experience in property management and John in land development. Thomas Schleich has been involved in Real Estate management and development since 1974. He is currently the President of Commercial Investment Properties (CIP) and Chief Executive Officer(CEO) of CIP's Asset Management and Development Group. He was the CEO of Home Real Estate from 1993 to 2003 and the President of CIP from 1988 to 1993. He graduated from Nebraska Wesleyan University in 1985 with a Bachelor of Science in Business Administration with minors in Philosophy & History. He also holds a Juris Doctorate University of Nebraska Lincoln-College of Law from 1988. He holds is a member of the Nebraska State Bar and is a licensed Nebraska Real Estate Broker holding certifications as a Certified Commercial Investment Candidate (CCIM) and Certified Property Manager Candida(CPM). He is very active in community service currently serving as President Realtors Association of Lincoln, Chairman of the Board Lincoln Electric System, Chairman of the Board Campus Life and Commissioner, Nebraska Boundary Commission. John is the Chairman of CIP and has been involved in real estate for twenty-seven years having been awarded his real estate broker license in 1987. He holds the CCIM designation, 1993, and the CPM designation, 1987. He graduated from Wesleyan College in 1987 with a BS in Business with an emphasis in real estate. Vice President of Asset Management, Dave Noecker, joined the CIP team in 1991 as a property manager and later as a regional manager. Today Dave oversees the company's day to day asset management, and the marketing of new and existing projects. Joining the team in 2003, Chief Financial Officer Clint Taubenheim is responsible for all of the finance, accounting and treasury functions and is heavily involved in strategic and transactional planning. Mark Jepson joined Commercial Investment Properties in February of 2013 to become the Managing Director and General Counsel. As Managing Director, Mr. Jepson is the lead executive in all new capital relations. He also focuses on market expansion and the management of new development opportunities through risk and balance sheet management. Mr. Jepson acts as legal counsel on all matters of governance, development, transaction management, and contract and lease administration. Prior to joining CIP, Mr. Jepson assumed various leadership positions within First Commerce Bancshares Inc., a two-billion dollar NASDAQ Nebraska based bank holding Page 19124 C/P Tax Increment Financing Application for The Conrad Apartment Homes company, including Chief Executive Officer of a community bank subsidiary and Director of a wholly owned computer processing and technology company. After the acquisition by Wells Fargo in 2000 and for the next four years, Mr. Jepson was Senior Vice President for the Wells Fargo Nebraska Real Estate Group. From 2004-2013, Mr. Jepson served as Managing Director of Oakland Financial Services regional bank holding company in Omaha. He was responsible for all aspects of the operations and performance of the member banks, with particular focus on strategy, credit underwriting, risk management, troubled asset management and regulatory compliance. He is a member of the Nebraska Bar Association and received a Bachelor of Arts and Juris Doctorate from the University of Nebraska. F. Reports and Studies, if applicable 1. Appraisal, as-is and/or after rehab — Reference Assessor Valuations I' agc 20 24 Douglas County Treasurer- Real Property Tax Inquiry Page 1 of 1 Douglas County Treasurer Nebraska Taxpayer Information Mailing Address: 8644 EXECUTIVE WOODS DR LINCOLN,NE 68512 Property Information Parcel Number: 0823340000 Key Number: 2334 0000 08 Treasurer's Home Page Property Address: 701 SOUTH 37 STREET Contact Us Legal Description: COBURNS SUB DIV LOT 14 BLOCK 0 Search Page Tax Information for 2014 Taxable Value: $116,700.00 Assessor's Valuation Pale Tax Levy: 2.18859 Lew Info Tax Amount: $2,470.60 Make a Payment Payment Histo Tax Tax Payment Year l Amount Date Principal Interest Advertising Total 2014 $2 470 60 NONE ! $0 00 $0 00 $0.00 $0 00 2013 $2 601 06 E 06 16-2014 t$1 300 53€ $0.00 $0.00 $1 300 53' 04 09 2014 $1 300 53 $3.99 $0.00 ,$1,304.52'. 12012 $2 159 78 04 02 2013 t$2 159 78 $0.00 $0.00 $2 159 78 2011 $2 159 46 03 30 2012 l$2 159 46, $0.00 n $0.00 112,159.46 2010 $2 155 94 07 28-2011 $1 077 97 $0.00 $0.00 1$1 077 97,. 05-13-2011 6$1 077 971$17 37} $0.00 $1 095 34. 2009 $2 107 46 06-22-2010 $1,053.73 $0.00 $0.00 $1,053.73' 03-24-2010 $1,05373' $0.00 $0.00 $1,053.73 http://dotcwsprodwebOl.dotcomm.org/TreasTax/faces/pages/taxinfo jsp?parc=0823340000 2/10/2015 Douglas County Treasurer- Real Property Tax Inquiry Page 1 of 1 o1.II711 1 I'eas- tiler Taxpayer Information 40: Mailing Address; 8644 EXECUTIVE WOODS DR LINCOLN,NE 68512 Property information Parcel Number: 0823140000 Key Number: 2314 0000 08 Property Address: 702 SOUTH 36 STREET Legal Description: COBURNS SUB DIV LOT 1 BLOCK 0 Tax Information for 2014 Taxable Value: $92,000.00 Assessor's Valsatern Faq, Tax Levy: 2,18859 Levy Info Tax Amount: $1,947.68 Make a Payment Payment History Tax 7.ax Payment Yea, Arrour,t Date Principal;Interest Advertising iota; 2014 $1,947.68 NONE $0.00 $0.00 $0.00 $0.00 2013 $1,963.08 07-01-2014 $981.54 $0.00 $0.00 $981.54 03-27-2014 $981.54 $0.00 $0.00 $981.54 2012 $1,619.30 07-25-2013 $809.65 $0.00 $0.00 $809.65 03-29-2013 $809.65 $0.00 $0.00 $809.65 2011 $1,619.06 07-26-2012 $1,619.06 $36.33 $0.00 $1,655.39 2010 $1,616.42 10-24-2011 $808.21 $26.35 $0.00 $834.56 03-29-2011 $808.21 $0.00 $0.00 $808.21 2009 $1,580.10 07-15-2010 $790.05 $0.00 $0.00 $790.05 03-30-2010 $790.05 $0.00 $0.00 $790.05 http://dotcwsprodweb01.dotcomm.org/TreasTax/faces/pages/taxinfo.jsp?parc=0823140000 2/6/2015 Douglas County Treasurer- Real Property Tax Inquiry Page 1 of 1 Douglas County Treasurer Nebraska Taxpayer Information Mailing Address: 8644 EXECUTIVE WOODS DR LINCOLN,NE 68512 Property Information Parcel Number: 0823160000 Key Number: 2316 0000 08 Treasurer sHome Page Property Address: 704 SOUTH 36 STREET Contact Us Legal Description: COBURNS SUB DIV LOT 2 BLOCK 0 Search Page Tax Information for 2014 Taxable Value: $98,000.00 Assessors Valuation Paae Tax Levy: 2.18859 Lew Info Tax Amount: $2,074.72 Make a Payment Payment Histo Tax Tax Payment ' Year Amount Date Principal Interest Advertising Total 2014 $2,074.72 NONE $0.00 $0.00 l $0.00 $0.00 2013 $2 091 12 08 01 2014 $1 045 56 $0.00 $0.00 $1,045.56 04 03 2014 $1 045.56 $0.00 j $0.00 $1 045 56 2012 $1 976 82 08 01 2013 ( $988.41 $0.00 $0.00 $988.41 04 02 2013 f $988.41 i $0.00 ; $0.00 $988.41 [2011 $1 976 52 08 02 2012 $988.26 $0.00 ( $0.00 I$988.26 04 05-2012 $988.26 $0.00 l $0.00 $988.26 f2010 $1 973 30 04 04 2011 $1 973 30: $0.00 $0.00 r$1 973.30' 2009 $1,928.94 07 28-2010 $964.47 $0.00 $0.00 $964.47 04-01-2010 $964.47 t $0.00 $0.00 $964.47 http://dotcwsprodwebO l.dotcomm.org/TreasTax/faces/pages/taxinfo.jsp?parc=0823160000 2/6/2015 Douglas County Treasurer- Real Property Tax Inquiry Page 1 of 1 minty Freasurei' Taxpayer Information Mailing Address: 8644 EXECUTIVE WOODS DR LINCOLN,NE 68512 Property Information Parcel Number: 0823320000 Key Number: 2332 0000 08 Property Address: 705 SOUTH 37 STREET Legal Description: COBURNS SUB DIV LOT 13 BLOCK 0 Tax Information for 2014 Taxable Value: $77,500.00 Assessor's Valuation Page Tax Levy: 2.18859 Levy Info Tax Amount: $1,640.72 Make a Payment Payment History tax lax Payment Year Amour:'. Date Principal':Interest Advertising Total 2014 $1,640.72 NONE $0.00 $0.00 $0.00 $0.00 2013 $1,653.68 07-08-2014 $826.84 $0.00 $0.00 $826.84 03-10-2014 $826.84 $0.00 $0.00 $826.84 2012 $1,467.90 12-19-2013 $733.95 $39.69 $0.00 $773.64 07-31-2013 $733.95 $33.78 $0.00 $767.73 2011 $1,467.68 10-24-2012 $1,467.68 $82.19 $0.00 $1,549.87 2010 $1,465.28 12-27-2011 $732.64 $41.87 $0.00 $774.51 02-15-2011 $732.64 $0.00 $0.00 $732.64 2009 $1,432.34 12-30-2010 $1,432.34$119.77 $0.00 $1,552.11 http://dotcwsprodwebOl.dotcomm.org/TreasTax/faces/pages/taxinfo.jsp?parc=0823320000 2/6/2015 Douglas County Treasurer- Real Property Tax Inquiry Page 1 of 1 DOLlcrl s C ounty Treasurer Taxpayer Information Mailing Address: 8644 EXECUTIVE WOODS DR • LINCOLN,NE 68512 Property Information Parcel Number: 0823170000 Key Number: 2317 0000 08 Treasurer's Home Page Property Address: 708 SOUTH 36 STREET Contact Us Legal Description: COBURNS SUB DIV LOT 2 BLOCK 0 Search Page Tax Information for 2014 Taxable Value: $81,700.00 Assessor's Valuation Paoe Tax Levy: 2.18859 Lew Info Tax Amount: $1,729.64 Make a Payment Payment History Tax Tax Payment Year I Amount Date I Principal Interest!Advertising I Total 2014 $1,729.64 NONE $0.00 - $0.00 $0.00 $0.00 2013 $1,743.30 j 07-01-2014 $871.65 $0.00 $0.00 $871.65 03-20-2014 $871.65 $0.00 $0.00 $871.65 2012 $2,006.26 07-15-2013 $1,003.13 $0.00 $0.00 $1,003.13' 03-21-2013 $1,003.13 $0.00 $0.00 $1,003.131 2011 $2,005.96 05-22-2012 $1,002.98 $0.00 $0.00 $1,002.981 03-16-2012 $1,002.981 $0.00 $0.00 $1,002.98j 2010 $2,002.68 07-19-2011 $1,001 34 $0.00 $0.00 $1,001.341 03-29-2011 $1,001.34 $0.00 $0.00 $1,001.34 2009 $1,957.66 07-15-2010 $978.83 $0.00 $0.00 $978.83 03-30-2010 $978.83 $0.00 $0.00 $978.83 http://dotcwsprodweb01.dotcomm.org/TreasTax/faces/pages/taxinfo.jsp?parc=0823170000 2/6/2015 Douglas County Treasurer- Real Property Tax Inquiry Page 1 of 1 Taxpayer Information Mailing Address: 8644 EXECUTIVE WOODS DR LINCOLN,NE 68512 Property Information Parcel Number: 0823310000 Key Number: 2331 0000 08 Property Address: 709 SOUTH 37 STREET Legal Description: COBURNS SUB DIV LOT 12 BLOCK 0 Tax Information for 2014 Taxable Value: $14,000.00 Assessor's Valuation Page Tax Levy: 2.18859 Levy Into Tax Amount: $296.38 Make a Payment Payment History Tax fax Payment Year Amount Date Principal Interest Advertising. total 2014 $296.38 NONE $0.00 $0.00 $0.00 $0.00 2013 $298.72 06-16-2014 $149.36 $0.00 $0.00 $149.36 03-06-2014 $149.36 $0.00 $0.00 $149.36 2012 $294.44 06-24-2013 $147.22 $0.00 $0.00 $147.22 03-01-2013 $147.22 $0.00 $0.00 $147.22 2011 $294.38 06-22-2012 $147.19 $0.00 $0.00 $147.19 03-09-2012 $147.19 $0.00 $0.00 $147.19 2010 $293.90 06-21-2011 $146.95 $0.00 $0.00 $146.95 03-07-2011 $146.95 $0.00 $0.00 $146.95 2009 $1,255.86 03-31-2010 $1,255.86 $0.00 $0.00 $1,255.86 http://dotcwsprodweb01.dotcomm.org/TreasTax/faces/pages/taxinfo.jsp?pare=0823310000 2/10/2015 Douglas County Treasurer- Real Property Tax Inquiry Page 1 of 1 D►oucrl as County; Treasurer ``�E l 1�� ]•;.1. Taxpayer Information Mailing Address: 8644 EXECUTIVE WOODS DR LINCOLN,NE 68512 4 Property Information Parcel Number: 0823180000 Key Number: 2318 0000 08 Treasurer's Home Page Property Address: 710 SOUTH 36 STREET Comact Us Legal Description: COBURNS SUB DIV LOT 3 BLOCK 0 Search Page Tax Information for 2014 Taxable Value: $98,700.00 Assessor's Valuation Page Tax Levy: 2.18859 Lew Info Tax Amount: $2,089.54 Make a Payment Payment History Tax Tax Payment Year I Amount Date i Principal InterestiAdvertisingl, Total 2014 $2,089.54 NONE I $0.00 $0.00 $0.00 $0.00 2013 $2,106.04 07-14-2014 81,053.02 $0.00 $0.00 $1,053.021 03-31-2014 $1,053.02 $0.00 $0.00 $1,053.021 2012 $2,046.22 07-12-2013 '$1,023.11` $0.00 $0.00 $1,023.11 04-03-2013 ,$1,023.11! $0.00 $0.00 $1,023.111 2011 $2,045.90 04-04-2012 $1,022.95 $0.00 $0.00 $1 022.95 2010 $2,042.58 07-22-2011 $1,021.29 $0.00 $0.00 $1,021.29 03-23-2011 $1,021.29 $0.00 $0.00 $1,021.29 2009 $1,996.64 07-20-2010 $998.32 $0.00 $0.00 $998.32 03-23-2010 $998.32 $0.00 $0.00 L$998.32 http://dotcwsprodweb01.dotcomm.org/TreasTax/faces/pages/taxinfo jsp?pare=0823180000 2/6/2015 Douglas County Treasurer- Real Property Tax Inquiry Page 1 of 1 4 Taxpayer Information Mailing Address: 8644 EXECUTIVE WOODS DR LINCOLN,NE 68512 Property Information Parcel Number: 0823190000 Key Number: 2319 0000 08 Property Address: 714 SOUTH 36 STREET Legal Description: COBURNS SUB DIV LOT 3 BLOCK 0 Tax Information for 2014 Taxable Value: $226,300.00 Assessor's Valuation Page Tax Levy: 2.18859 Levy Info Tax Amount: $4,790.88 Make a Payment Payment History Fan Tax Payment View: Amount. Date Priricipat Interest Advertising iota; 2014 $4,790.88 NONE $0.00 $0.00 $0.00 $0.00 2013 $4,828.74 07-02-2014 $2,414.37 $0.00 $0.00 $2,414.37 04-02-2014 $2,414.37 $0.00 $0.00 $2,414.37 2012 $4,815.82 08-27-2013 $2,407.91 $22.17 $0.00 $2,430.08 03-29-2013 $2,407.91 $0.00 $0.00 $2,407.91 2011 $4,815.12 01-29-2013 $4,815.12 $443.25 $0.00 $5,258.37 2010 $4,807.30 10-18-2011 - $42.41 $0.00 - $2,403.65 $2,446.06 09-28-2011 $2,403.65 $42.41 $0.00 $2,446.06 09-27-2011 $2,403.65 $49.78 $0.00 $2,453.43 04-15-2011 $2,403.65 $11.99 $0.00 $2,415 64 2009 $4,699.20 08-26-2010 $4,699.20 $155.01 $0.00 $4,854.21 http://dotcwsprodweb01.dotcomm.org/TreasTax/faces/pages/taxinfo.jsp?part=0823190000 2/6/2015 Douglas County Treasurer- Real Property Tax Inquiry Page 1 of 1 Dou las County Treasurer Taxpayer Information Mailing Address: 8644 EXECUTIVE WOODS DR LINCOLN,NE 68512 Property Information Parcel Number: 0823200000 Key Number: 2320 0000 08 Treasurer s Home Page Property Address: 718 SOUTH 36 STREET Contact Us Legal Description: COBURNS SUB DIV LOT 4 BLOCK 0 Search Page Tax Information for 2014 Taxable Value: $61,100.00 Assessor's Valuation Page Tax Levy: 2.18859 Levy Into Tax Amount: $1,293.54 Make a Payment Payment History Tax Tax Payment Year i Amount Date [Principal lInterest Advertising Total 2014 $1,293.54 NONE $0.00 $0.00 $0.00 $0.00 12013 $1,303.74 06-16-2014 $651.87 $0.00 $0.00 $651.87 03-13-2014 '$651.87 $0.00 $0.00 $651.87 2012 $1,823.30 07-17-2013 $911.65 $0.00 $0.00 I8911.65 03-28-2013 $911.65 $0.00 $0.00 $911.65 2011 $1,823.04 07-26-2012 $911.52 $0.00 $0.00 $911.52 03-28-2012 $911.52 $0.00 $0.00 $911.52 2010 $1,820.06 07-26-2011 $910.03 $0.00 $0.00 $910.03 03-29-2011 :$910.03 $0.00 $0.00 $910.03, 2009 $1,779.14 07-28-2010 ;$889.57 $0.00 $0.00 $889.57 04-02-2010 $889.57 $0.00 $0.00 $889.571 http://dotcwsprodweb01.dotcomm.org/TreasTax/faces/pages/taxinfo.jsp?parc=0823200000 2/6/2015 Douglas County Treasurer- Real Property Tax Inquiry Page 1 of 1 - I_ `OUI1l\ I reasui ei �1}r,r'L.L Taxpayer Information Mailing Address: 8644 EXECUTIVE WOODS DR LINCOLN,NE 68512 Property Information Parcel Number: 0823290000 Key Number: 2329 0000 08 Property Address: 719 SOUTH 37 STREET • Legal Description: COBURNS SUB DIV LOT 11 BLOCK 0 Tax Information for 2014 Taxable Value: $73,300.00 Assessor's Valuation Page Tax Levy: 2.18859 LSis Info Tax Amount: $1,551.80 Make a Payment Payment History ..,x to Payment rear Amount Cate Principal ;nterest Advertising: Iota' 2014 $1,551.80 NONE $0.00 $0.00 $0.00 $0.00 2013 $1,564.06 06-16-2014 $782.03 $0.00 $0.00 $782.03 04-09-2014 $782.03 $2.40 $0.00 $784.43 2012 $1,369.06 05-24-2013 - $0.00 $0.00 - $1,369.06 $1,369.06 04-02-2013 $1,369.06 $0.00 $0.00 $1,369.06 04-02-2013 $1,369.06 $0.00 $0.00 $1,369.06 2011 $1,368.84 03-30-2012 $1,368.84 $0.00 $0.00 $1,368.84 2010 $1,366.62 07-28-2011 $683.31 $0.00 $0.00 $683.31 05-13-2011 $683.31 $11.01 $0.00 $694.32 2009 $1,335.90 06-22-2010 $667.95 $0.00 $0.00 $667.95 03-24-2010 $667.95 $0.00 $0.00 $667.95 http://dotcwsprodweb0l.dotcomm.org/TreasTax/faces/pages/taxinfo.jsp?parc=0823290000 2/6/2015 Douglas County Treasurer- Real Property Tax Inquiry Page 1 of 1 Douuu-1asCounty Treasurer. Taxpayer Information t ; Mailing Address: 8644 EXECUTIVE WOODS DR LINCOLN,NE 68512 Property Information Parcel Number: 0823210000 Key Number: 2321 0000 08 Treasurer's Horne Page Property Address: 720 SOUTH 36 STREET Contact Us Legal Description: COBURNS SUB DIV LOT 4 BLOCK 0 Search Page Tax Information for 2014 Taxable Value: $72,200.00 Assessor's Valuation Page Tax Levy: 2.18859 Lew Into Tax Amount: $1,528.52 Make a Payment Payment History Tax 1 Tax Payment Year Amount Date IPrincipal Interest Advertising) Total 12014 $1,528.52 NONE $0.00 $0.00 $0.00 $0.00 12013 $1,540.60 06-30-2014 $770.30 $0.00 $0.00 1$770.30; 03-28-2014 $770.30 $0.00 $0.00 1770.30' 2012 $1,280.72 07-24-2013 $640.36 $0.00 $0.00 $640.36 03-22-2013 $640.36 $0.00 $0.00 $640.361 2011 $1,280.54 08-07-2012 $640.27 $0.00 $0.00 $640.27, 03-27-2012 $640.27 $0.00 $0.00 $640.271 2010 $1,278.44 03-15-2012 $0.00 $0.00 $5.00 $5.00 07-22-2011 $639.22 $0.00 $0.00 $639.22i 03-25-2011 '1$639.22' $0.00 $0.00 $639.2211 2009 $1,249.72 07-20-2010 $624.86 $0.00 $0.00 $624.861, 03-17-2010 $624.86 $0.00 $0.00 $624.8611 http://dotcwsprodwebOl.dotcomm.org/TreasTax/faces/pages/taxinfo.jsp?part=0823210000 2/6/2015 Douglas County Treasurer- Real Property Tax Inquiry Page 1 of 1 [ I_)Liill\ l 4 i_yj.41.,t' f Taxpayer Information Mailing Address: 8644 EXECUTIVE WOODS DR LINCOLN,NE 68512 Property Information Parcel Number: 0823300000 Key Number: 2330 0000 08 Property Address: 721 SOUTH 37 STREET Legal Description: COBURNS SUB DIV LOT 11 BLOCK 0 Tax Information for 2014 Taxable Value: $67,400.00 Assessor's Valuation Page Tax Levy: 2.18859 Lew Info Tax Amount: $1,426.90 Make a Payment Payment History fax Tax Payment Year Amount Date Principal Interest Advertising l otal 2014 $1,426.90 NONE $0.00 $0.00 $0.00 $0.00 2013 $1,438.16 07-01-2014 $719.08 $0.00 $0.00 $719.08 03-24-2014 $719.08 $0.00 $0.00 $719.08 2012 $1,453.18 07-24-2013 $726.59 $0.00 $0.00 $726.59 03-22-2013 $726.59 $0.00 $0.00 $726.59 2011 $1,452.94 07-23-2012 $726.47 $0.00 $0.00 $726.47 03-27-2012 $726.47 $0.00 $0.00 $726.47 2010 $1,450.60 07-22-2011 $725.30 $0.00 $0.00 $725.30 03-25-2011 $725.30 $0.00 $0.00 $725.30 2009 $1,417.98 07-20-2010 $708.99 $0.00 $0.00 $708.99 03-17-2010 $708.99 $0.00 $0.00 $708.99 http://dotcwsprodwebOl.dotcomm.org/TreasTax/faces/pages/taxinfo.jsp?part=0823300000 2/10/2015 Douglas County Treasurer- Real Property Tax Inquiry Page 1 of 1 Douglas County Treasurer Nebraska Taxpayer Information Mailing Address: 8644 EXECUTIVE WOODS DR LINCOLN,NE 68512 Property Information Parcel Number: 0823150000 Key Number: 2315 0000 08 Treasurer's Home Pale Property Address: 3611 JONES STREET Contact Us Legal Description: COBURNS SUB DIV LOT 1 BLOCK 0 Search Page Tax Information for 2014 Taxable Value: $85,100.00 Assessor's Valuation Paae Tax Levy: 2.18859 Levy Info Tax Amount: $1,801.62 Make a Payment Payment Histo Tax Tax rl Payment Year Amount Date Principal InterestiAdvertising Total 2014 $1,801.62 NONE $0.00 , $0.00 $0.00 $0.00 ,2013 $1 815.84 07 01 2014 $907 92 $0.00 E $0.00 $907 92 03-20-2014 $907.92 $0.00 $0.00 $907 92` 2012 $1,791.74 07-15-2013 $895.87 $0.00 $0.00 $895.87 03 21 2013 $895.87 $0.00 $0.00 $895.87 =2011 ! $1 791 48 07 17 2012 $895.74 $0.00 ; $0.00 1$895 74; 03 16 2012 $895 74 $0.00 $0.00 ;$895 74 2010 fi $1 788 58 07 19.2011 $894 29 $0.00 $0.00 1$894 29 03 29 2011 $894 29 E $0.00 $0.00 $894 29 `2009 $1 748.36 07 15-2010 $874.18 $0.00 $0.00 '$874.18, 03-30-2010 $874.18, $0.00 ; $0.00 $874.18' http://dotcwsprodweb0l.dotcomm.org/TreasTax/faces/pages/taxinfo.jsp?parc=0823150000 2/6/2015 Douglas County Treasurer- Real Property Tax Inquiry Page 1 of 1 1a dAlli I i'easui i' • 1,1 Taxpayer Information Mailing Address: 8644 EXECUTIVE WOODS DR LINCOLN,NE 68512 Property Information Parcel Number: 0823330000 Key Number: 2333 0000 08 Property Address: 3613 JONES STREET Legal Description: COBURNS SUB DIV LOT 14 BLOCK 0 Tax Information for 2014 Taxable Value: $92,800.00 Assessors Valuation Page Tax Levy: 2.18859 Levv Info Tax Amount: $1,964.64 Make a Payment Payment History Tax Tax Payment Year An-merit Date Principal 1n/crest'Advertising €atal 2014 $1,964.64 NONE $0.00 $0.00 $0.00 $0.00 2013 $1,980.14 06-26-2014 $990.07 $0.00 $0.00 $990.07 03-12-2014 $990.07 $0.00 $0.00 $990.07 2012 $1,795.96 07-15-2013 $897.98 $0.00 $0.00 $897.98 03-26-2013 $897.98 $0.00 $0.00 $897.98 2011 $1,795.70 07-10-2012 $897.85 $0.00 $0.00 $897.85 04-26-2012 $897.85 $7.92 $0.00 $905.77 2010 $1,792.78 09-19-2011 $896.39 $13.75 $0.00 $910.14 01-31-2011 $896.39 $0.00 $0.00 $896.39 2009 $1,752.46 01-31-2011 $876.23 $62.85 $5.00 $944.08 03-24-2010 $876.23 $0.00 $0.00 $876.23 http://dotcwsprodweb0l.dotcomm.org/TreasTax/faces/pages/taxinfo.jsp?parc=0823330000 2/6/2015 C/P Tax Increment Financing Application for The Conrad Apartment Homes 2. Market Study — Not Applicable 3. Feasibility Study / Market Analysis Market Analysis The Conrad The Conrad apartment homes will be constructed over a two-level parking garage with 175 parking stalls (133 stalls on upper level and 42 stalls on lower level). (See attached site plans). Access is provided to and from the garage at the east-west alley between Jones and Leavenworth streets. The current design concept envisions a variety of studio (61), one (57) and two bedroom (35) plans ranging in unit size from 445 to 1,278 square feet exclusive of balcony with a clubhouse, indoor amenities and an outdoor courtyard and amenity space. Overall, The Conrad will provide 119,697 net leasable square feet, with the average apartment residence offering 811 square feet of living area. Lease rates are expected to extend from $710 to$1,695 monthly,with an average 739 square foot apartment home carrying a monthly rent of$1,181 or $1.48 per square foot. All apartments will feature an enhanced level of interior appointments commensurate with higher-quality new construction apartment development found throughout metropolitan Omaha, including stainless steel kitchen appliances, granite kitchen countertops/islands, in-unit washer and dryer, walk-in closets in all master bedrooms, internet and cable television access, and some modest level of in-unit storage. The current vision is for amenities including fitness area and equipment, outdoor and indoor gathering spaces, bike lockers and repair area and indoor car wash area. It is expected that the tenant will be responsible for all utilities. General Conclusion This project, located between 35th, 36th and Jones Streets in the Blackstone neighborhood.is currently on the cusp of the revitalization wave that has been occurring in downtown Omaha, spreading westward in to Midtown. This development will continue to magnify that growth. Notwithstanding the favorable outlook for multi-family development in the downtown and midtown areas, the proposed project is located in an unproven sub-market. Further, the project requires the investment of significant up-front capital to satisfy the parking and design requirements for the project. Because of the high upfront capital costs associated with this project and the relative risk associated with lease-up of the property, this project would not be feasible to proceed without the use of TIF. In Midtown, two developments have been built since 2010, a total of 3 since 2000 (Spaces, Capital Rows, Midtown Crossing), averaging 31 units built per year since 2000; providing efficiency, 1 bed, and 2 bed floor plans, such as this project will. Vacancy rates have been hovering around 5% since 2012, indicating there is a stable market and a rental demand in Midtown; notably with keeping the vacancy at a stable market level while a new development delivered in 2014. I' agc 21I24 C/P Tax Increment Financing Application for The Conrad Apartment Homes !� Soon there will be a greater demand for multi-family units in Midtown, as UNMC (0.6 mi away from 36th St & Jones St) has committed to the construction of The Fred & Pamela Buffett Cancer Center, which is expected to produce 1,200 UNMC jobs with an average annual salary of $70K, delivering in 2016. Furthermore, construction of a 170,000 square foot facility is also set to be constructed with the addition of the Lauritzen Outpatient Center at UNMC, which is expected to deliver in the fall of 2016. Significant completed apartment projects which reinforce the market potential for the The Conrad project include:' Aksarben Apartments, LLC, is owned by Howard M. Kooper and Thomas H. Fellman of Broadmoor Development Company which owns and manages over 5,000 apartment units in the greater Omaha metropolitan area. Recognizing Broadmoor Development Company's extensive and long-term experience in the management and leasing of rental units, the units were anticipated to fully lease within 6 months of project completion. This leasing schedule is based upon a similar period of time that the Aksarben Apartments Phase I project comprised of 258 units realized 100% occupancy. Spaces Apartments - As conceptualized by Bluestone Development, the Spaces Apartments consists of 149 apartment units distributed within a four-story residential building developed over structured parking. Design concepts envision a variety of studio, convertible, one and two bedroom plans ranging in unit size from 550 to 950 square feet exclusive of balcony. Overall, Spaces Apartments will provide 94,800 net leasable square feet, with the average apartment residence offering 677 square feet of living area. Lease rates are expected to extend from $780 to $1,190 monthly, with an average 669 square foot apartment home carrying a monthly rent of$890 or $1.34 per square foot. All apartments will feature an enhanced level of interior appointments commensurate with higher-quality new construction apartment development found throughout metropolitan Omaha, including stainless steel kitchen appliances, granite kitchen countertops/islands, in-unit washer and dryer, walk-in closets in all master bedrooms, internet and cable television access, and some modest level of in-unit storage. It is expected that the tenant will be responsible for all utilities. General Conclusion -The 149-unit Spaces Apartments represents a viable development opportunity, with this conclusion based upon a synthesis of market factors summarized as follows: First and foremost, the Park Avenue property is well situated relative to regional employment concentrations as well as major transportation systems, affording future residents east of access to employment concentrations downtown and in satellite corridors aligning the 1-80/680- I-480/29 highway system. Also, from a marketing standpoint, the property is highly visible and accessible to established consumer services and a variety of dining and entertainment venues. 1 TIF Applications for Capital Rows, Spaces,Midtown Crossing,Aksarben Apartments II. P a IA c 22 24 C/P Tax Increment Financing Application for The Conrad Apartment Homes Overall The greater Omaha region has been climbing out of the most recent recession at a faster pace than the nation as a whole which will have a positive impact on the successful leasing of the project. For example, through July 2012, non-farm payrolls in the MSA had moved upward by an average of 6,900, representing an increase of 1.5 percent. On a year-over-year basis, however, Omaha's non-farm employment level of 471,100 workers represents a gain of 10,300 and a relative increase of 2.2 percent. This growth rate compares with national employment increases of 1.4 percent from July 2011 to July 2012. Going forward, employment gains in greater Omaha should continue to outpace the nation as a whole with this conclusion supported by the region's much diversified economy and strength seen among its major employers. ConAgra, Union Pacific, Berkshire Hathaway, Gallup and PayPal, for instance, are headquartered in Omaha, while the healthy presence of other companies in transportation, communications, technology, agriculture, and financial and insurance services provide a very strong foundation for future growth as well as protection against periods of slower economic activity like that seen today. The Omaha region's rental apartment sector remains strong, since 1999 and through the 2nd Quarter 2012, among all asset classifications annual net absorption region-wide has averaged 541 units. During that 12.5-year timeframe, Central Omaha represented roughly 20 percent of net absorption or 105 units annually. However, while rental apartment absorption has been concentrated in suburban areas (which accounted for 96 percent of net absorption through the 1999-2009 period), during the 2010-2nd Quarter 2012 period the urban core has reversed trends, increasing from the prior decade 20% figure to nearly one-half of region-wide net absorption (47.8 percent or an annualized 453 units). The strength of the urban core's rental market is reflected in the introduction of developments such as 8 Street, Sines, 22 Floors, The Bank, Bloc 12, L14 Flats, Capitol Rows, and Broadmoor-Villas and Pinhook Flats II at Aksarben Village, to name a few. Focusing upon Central Omaha, vacancies among all asset classifications stood at 4.2 percent at mid-year, representing the lowest vacancy levels seen in the Midtown/Downtown area since December 2001 when overall vacancies stood at 3.1 percent. New rental construction has been concentrated in the Midtown sub-area of Central Omaha, host to nearly two-thirds of all newer units (64.1 percent of 1,577 units distributed among 12 separate communities). For perspective, a market is considered balanced when vacancies hover in the 5.0 to 6.0 percent range which allows for movement within the marketplace. More to the point, only 20 percent or 2,461 rental units in Central Omaha represent new construction alternatives built since 2000. Isolating upon these newer units, which are distributed among 25 separate developments, vacancies are extremely tight with 21 stabilized developments reflecting a vacancy factor of only 2.4 percent or a mere 60 units available. At mid-year 2012, the Midtown and Downtown areas were each host to two new developments in their initial lease-up period, namely Broadmoor at Aksarben Village- Villas and Pinhook Flats-Ph II at Aksarben Village in Midtown, along with 8 Street and L14 Flats in Downtown Omaha. Collectively, these four developments were absorbing 11ag e 23I24 C/P Tax Increment Financing Application for The Conrad Apartment Homes at an overall pace of 7.2 units monthly, with the two Midtown programs averaging 9.0 units monthly. This absorption rate is consistent with the 9.3 monthly average noted among new developments region-wide which stands at 9.3 and also with the 9.4 units per month absorption forecasted at Spaces Apartments. 4. Environmental Study—Code Violations and Asbestos Remediation Page 24124 ommiA tit {NBk1'� Planning Department Il -k h � .4( ' I!J il,il „'4 : !.err ,, ,f � 'rc„(.F aK� James R. `Hick Co) of Omaha ,tii, t,,: Jcat;Stathcrt,111axur October 16, 2014 Invest Omaha I LLC 8644 Executive Wood Dr. Lincoln, NE 68512 RE: 720 S 036 ST Parcel No. 2321000008 Legal: S 33' of Lot 4, Coburns Subdivision Addition Structure(s): Interior Dwelling REMOVED This is to inform you that the inspection conducted by Mike Johnson, Code Inspector, on October 15, 2014, confirmed that the violations listed in the Notice of Violations for the property, dated August 29, 2005, Instrument No.2005106613, filed with the records of the Douglas County Register of Deeds, have been remedied. Sincerely, i '_h i 5,, ,�:, Kevin J. Denker for Planning Director C: Mark D. Jepson, 8644 Executive Wood Dr., Lincoln, NE 68512 10 Tj 211141_18 i'±i FEE FBill 11, ', .a... i BKP EXAM T Ll'i , ni4 [is: 12 F' IND 7=—SCAN PRF s1 Reieivei3 D,ANE L BAT T IATO I0 20,2014 0812.09 34 111111111M 2014081961 THIS PAGE INCLUDED FOR INDEXING PAGE DOWN FOR BALANCE OF INSTRUMENT RETURN TO: City of Omaha Planning Department Code Enforcement 1819 Farnam St., Suite 1003 Omaha, NE 68183 CHECK NUMBER �t!.N F�' tn'Eu.P Planning inning Department 1, „r P--r.^ sit ' t ( )m.ilr Ntl)ra i ,W8'y ? 7U_ 11!51 iii yA.. _..,c " 44- rrr.n reeRtr James R.'Fhcle. (;itti of C3rnah.a HNC,: N C, : Icon Stuthcrt,M.tv r October 16, 2014 Invest Omaha I LLC 8644 Executive Wood Dr. Lincoln, NE 68512 RE: 720 S 036 ST Parcel No. 2321000008 Legal: S 33' of Lot 4, Coburns Subdivision Addition Structure(s): Exterior Dwelling REMOVED This is to inform you that the inspection conducted by Mike Johnson, Code Inspector, on October 15, 2014, confirmed that the violations listed in the Notice of Violations for the property, dated April 4, 2005, Instrument No.2005036684, filed with the records of the Douglas County Register of Deeds, have been remedied. Sincerely, I/ , f/ -- Kevin J. Denker for Planning Director C: Mark D. Jepson, 8644 Executive Wood Dr., Lincoln, NE 68512 LK 1401E 1!:IID FEE ( FB E - 1)4 BKP EXAM 2114 y !I�� "C' p IND 4 SCAN PRF Received-DIANEL BATTIAtG 1J20;20140812.0566 2014081960 THIS PAGE INCLUDED FOR INDEXING PAGE DOWN FOR BALANCE OF INSTRUMENT RETURN TO: City of Omaha Planning Department Code Enforcement 1819 Farnam St., Suite 1003 Omaha, NE 68183 CHECK NUMBER rA '' sti Planning Department I ( htt,1:, 1) L!),( tci ( ,ur,s ' r. a li.. l cic1y '102 516 !, 1 r� �'t f:U't H ti`''1-7 James R. T'hele (;its of Omaha 1);;;;;.; J caul 5tuthcrt,N1.n nr October 16, 2014 Invest Omaha I LLC 8644 Executive Woods Dr. Lincoln, NE 68114 RE: 701 S 037 ST Parcel No. 2334000008 Legal: West 116' of Lot 14, Coburns Sub Division Structure(s): Interior Multi-Family REMOVED This is to inform you that the inspection conducted by Mike Johnson, Code Inspector, on October 15, 2014, confirmed that the violations listed in the Notice of Violations for the property, dated December 10, 2013, Instrument No.2013121238, filed with the records of the Douglas County Register of Deeds, have been remedied. Sincerely, JA Kevin J. Denker for Planning Director C: Mark D. Jepson, 8644 Executive Woods Dr.,Lincoln, NE 68512 11111 , 111, 1140219 FEE FB t " _;..- MI 11'1111111 [NMI BKP EXAM 4 17t: I r IND .xAlz.;._SCAN PRF Received-DIANE L BIN1TiPTO 14 202014 08.11 54 18 2014081959 THIS PAGE INCLUDED FOR INDEXING PAGE DOWN FOR BALANCE OF INSTRUMENT RETURN TO: City of Omaha Planning Department Code Enforcement 1819 Farnam St., Suite 1003 Omaha, NE 68183 CHECK NUMBER of N Planning Department , � i in.ifi.tl u'la<( itt t,cn«E I'.ur. `,trtit ',nut 'ili)i yA.., r. all? .144 >1?i) 1c1t11v 402 11041""il ,James R. Their (:ih-ul Omaha I) t.,t it.in tituthert.�Sac„r October 16, 2014 Invest Omaha I LLC 8644 Executive Woods Dr. Lincoln, NE 68512 RE: 701 S 037 ST Parcel No. 2334000008 Legal: West 116' of Lot 14, Coburns Sub Division Structure(s): Exterior Multi Family and Garage REMOVED This is to inform you that the inspection conducted by Mike Johnson, Code Inspector, on October 15, 2014, confirmed that the violations listed in the Notice of Violations for the property, dated January 23, 2012, Instrument No.2012006484, filed with the records of the Douglas County Register of Deeds, have been remedied. Sincerely, (it �-- Kevin J. Denker for Planning Director C: Mark D. Jepson, 8644 Executive Woods Dr.,Lincoln, NE 68512 _1T'`' c014t1.R171`p.. FEE : 'v FB , _ :r:: I 1 BKP EXAM CHi 2014II p INDc SCAN PRF \ik Received-L ANE t gt f PA O 10/20;2014 08.11 38 86 IIIIIIIIil 2014081958 THIS PAGE INCLUDED FOR INDEXING PAGE DOWN FOR BALANCE OF INSTRUMENT RETURN TO: City of Omaha Planning Department Code Enforcement 1819 Farnam St., Suite 1003 Omaha, NE 68183 CHECK NUMBER ,s°"NN E ,.yk� Planning Department ' y 7 t 17F.0,,'17 I :,I',f , M �_nt I �t 1 i \'' IvI I inch i,,I, ,, -, it ;tili, �� u)? I1l -)1'3i1 of q:�� I,!<t.ts ltl2 i I? iF I James R. 'Fhele City of Omaha 11u,i t,,t je.tio Stothert,MAN, October 16, 2014 Invest Omaha 1 LLC 8644 Executive Woods Dr. Lincoln, NE 68512 RE: 708 S 036 ST Parcel No. 2317000008 Legal: South 33 1/3' of the North 42' of Lot 2, Coburns Sudikvision of Block 11, in West Omaha Structure(s): Exterior Duplex REMOVED This is to inform you that the inspection conducted by Mike Johnson, Code Inspector, on October 15, 2014, confirmed that the violations listed in the Notice of Violations for the property, dated July 11, 2013, Instrument No.2013069903, filed with the records of the Douglas County Register of Deeds, have been remedied. Sincerely, it i, Kevin J. Denker for Planning Director C: Mark D. Jepson, 8644 Executive Woods Dr., Lincoln, NE 68512 -T 20,4,.819.7 FEE FB �' BKP EXAM " ,'11..4 rjk: 11 F' �_' iNa= 1`t� SCAN PRE Received-DIANE L BATTIATO 10;20/201 4 08 11 27 91 11111/111111 2014081957 THIS PAGE INCLUDED FOR INDEXING PAGE DOWN FOR BALANCE OF INSTRUMENT RETURN TO: City of Omaha Planning Department Code Enforcement 1819 Farnam St., Suite 1003 Omaha, NE 68183 CHECK NUMBER ��r1 PH fl. r<.\ 4N�, Planning; Department 1 ili ilrr'I) i Lr<t 11.1( t tIlfc3 � � ,fit' h11 !nm.ar tit�:kt, un� 11111, : I a�� yA ti '1,1'2 1,1 '11, tD is i.RR _lames R. t'helc City uf Omaha ;)t;,, it an SU.thcrt,Nfapor October 16, 2014 Invest Omaha I LLC 8644 Executive Woods Dr. Lincoln, NE 68512 RE: 704 S 036 ST Apt. No. basement Parcel No. 2316000008 Legal: South 24 and 2/3' of Lot 1 & the North 8 & 2/3' of Lot 2 of Coburns Subidivison and East 1/2 of vacated alley adjoining on West Structure(s): Basement Interior Apartment REMOVED This is to inform you that the inspection conducted by Mike Johnson, Code Inspector, on October 15, 2014, confirmed that the violations listed in the Notice of Violations for the property, dated May 9, 2012, Instrument No.2012044644, filed with the records of the Douglas County Register of Deeds, have been remedied. Sincerely, /1.$ /1,- Kevin J.'Denker for Planning Director C: Mark D. Jepsen, 8644 Executive Woods Dr., Lincoln, NE 68512 IT( '1_114L181T�: FEE FB BKP EXAM IND . 964 SCAN PRF OCT c1_1 '+1;.4 i_11_;: 11 r Received DIANE L BAT TIA10 V/200014 08 11 16 01 2014081956 THIS PAGE INCLUDED FOR INDEXING PAGE DOWN FOR BALANCE OF INSTRUMENT RETURN TO: City of Omaha Planning Department Code Enforcement 1819 Farnam St., Suite 1003 Omaha, NE 68183 CHECK NUMBER f,,;'-' � t`dry Planning Department �g+,/`N� , i C It it Z is „r 1i, _; 6 ` Z, i w? ! 11,,;1 1 'C1 1u WIC) ( IC) act R I tit t iv 402 11G 1i" James R. l'helc City of Omaha 1):,,rt,u Jean Stuthert,NIac„r October 16, 2014 Invest Omaha I LLC 8644 Executive Woods Dr. Lincoln, NE 68512 RE: 704 S 036 ST Parcel No. 2316000008 Legal: South 24 and 2/3' of Lot 1 & the North 8 & 2/3' of Lot 2 of Coburns Subidivison and East 1/2 of vacated alley adjoining on West Structure(s): Entire Structure Garage REMOVED This is to inform you that the inspection conducted by Mike Johnson, Code Inspector, on October 15, 2014, confirmed that the violations listed in the Notice of Violations for the property, dated November 15, 2010, Instrument No.2010107120, filed with the records of the Douglas County Register of Deeds, have been remedied. Sincerely, Kevin J. Denker for Planning Director C: Mark D. Jepsen, 8644 Executive Woods Dr., Lincoln, NE 68512 FEE r FB , .: ,4. , '.w4:, BKP EXAM ' LC Hi 20:4 AP: o : IND '6L SCAN PRF Received DIANE L BAT riAi O 10 20,2014 08.11,06 78 1IIII1IOII 2014081955 THIS PAGE INCLUDED FOR INDEXING PAGE DOWN FOR BALANCE OF INSTRUMENT RETURN TO: City of Omaha Planning Department Code Enforcement 1819 Farnam St., Suite 1003 Omaha, NE 68183 CHECK NUMBER ,Mnttn.,ti,r Planning Department 11a;;, Ir:�. IN tcn[tr 9 � lh,n 1 IZru �r,�l un ;,,„; ®Lyaa Q ;n:c! \(I,t,nk1 0R17-4 Si {1{ i1�17 7�bFEN1Z�'�� i Ct1it 102 )+(r1)-1 } James R. rltete City of Omaha 1?;,, u )can Stuthert,Mai..lcr October 16, 2014 Invest Omaha I LLC 8644 Executive Woods Dr. Lincoln, NE 68512 RE: 704 S 036 ST Parcel No. 2316000008 Legal: South 24 and 2/3' of Lot 1 & the North 8 & 2/3' of Lot 2 of Coburns Subidivison and East 1/2 of vacated alley adjoining on West Structure(s): Exterior Dwelling REMOVED This is to inform you that the inspection conducted by Mike Johnson, Code Inspector, on October 15, 2014, confirmed that the violations listed in the Notice of Violations for the property, dated November 15, 2010, Instrument No.2010107119, filed with the records of the Douglas County Register of Deeds, have been remedied. Sincerely, I _`fir - } Kevin J. Denker for Planning Director C: Mark D. Jepsen, 8644 Executive Woods Dr., Lincoln, NE 68512 INININIMMEN [I ,?[114081954 FEE FB , >nu - ...: BKP EXAM -, ;t C' r IND Z3CAN PRF 1 1r I!! T L�_ ill 11, • �� , Receded-DIANE L BATTIATO 10,20r201408104501 2014081954 THIS PAGE INCLUDED FOR INDEXING PAGE DOWN FOR BALANCE OF INSTRUMENT RETURN TO: City of Omaha Planning Department Code Enforcement 1819 Farnam St., Suite 1003 Omaha, NE 68183 CHECK NUMBER 0*h1.11� h/6",1, Planning Department z�'lii ,�- ,1`J I,irnaru ti rrcl i It11=3 .�,� it�c l In iaii, \t hi,,I;1 6;5i-1 Rr;fta„:BR1`4 James R.Thele t.1t\ of Omaha jean StothCrh"Nlay,n 1 7i,;c- g October 16, 2014 Invest Omaha I LLC 8644 Executive Wood Dr. Lincoln, NE 68152 RE: 3611 JONES ST Parcel No. 2315000008 Legal: The North 33 1/2' of the West 60' of Lot 1, Coburn's Subdiviksion of Block 11, West Omaha, together with the East 1/2 of vacated alley adjoining on the West Structure(s): Exterior Multi Family This is to inform you that the inspection conducted by Mike Johnson, Code Inspector, on October 15, 2014, confirmed that the violations listed in the Notice of Violations for the property, dated March 13, 2012, Instrument No.2012023883, filed with the records of the Douglas County Register of Deeds, have been remedied. Sincerely, ' x i. Kevin J. Denker for Planning Director C: Mark D. Jepson, 8644 Executive Wood Dr., Lincoln, NE 68512 114C215. FEE . ° FBIN BKP EXAM UMMINUM _ .t __, IND� -SCAN PRF IT _��G 21:.1:4F1 ,. 1�� F' Received-DIANE L BAT T/ATO 10120,2014 08 1036.09 2014081953 THIS PAGE INCLUDED FOR INDEXING PAGE DOWN FOR BALANCE OF INSTRUMENT RETURN TO: City of Omaha Planning Department Code Enforcement 1819 Farnam St., Suite 1003 Omaha, NE 68183 CHECK NUMBER DAVID FANNON 11911 S.213th Ave. Gretna,NE 68028 402/306-0656 September 11, 2014 Invest Omaha LLC 8644 Executive Woods Dr. Lincoln,NE 68572 Re: Demo. Omaha,NE Dear Sir, On September 10, 2014, I did a post asbestos abatement inspection on a residential property located at 3611 Jones Street, Omaha,NE. I did the initial inspection according to meet the minimum National Emissions Standard for Hazardous Air Pollutants (NEASHAP)and the State of Nebraska and according to my inspection and state notification 2014-0295, 6 if of HVAC tape and 2,200sf of siding have been removed per minimum(NEASHAP)requirements and the State of Nebraska. To the best of my knowledge this structure is asbestos free. If you have any questions feel free to call me at 402 306-0656. Sincerely, David Fannon Asbestos Inspector Certificate No. MP733 DAVID FANNON 11911 S.213`h Ave. Gretna, NE 68028 402/306-0656 September 11, 2014 Invest Omaha LLC 8644 Executive Woods Dr. Lincoln,NE 68572 Re: Demo. Omaha,NE Dear Sir, On September 10, 2014, I did a post asbestos abatement inspection on a residential property located at 3613 Jones Street, Omaha,NE. I did the initial inspection according to meet the minimum National Emissions Standard for Hazardous Air Pollutants (NEASHAP) and the State of Nebraska and according to my inspection and state notification 2014-0294, 55sf of HVAC tape, 2,600sf of siding, 22sf of window glazing and 80sf of floor tile have been removed per minimum(NEASHAP)requirements and the State of Nebraska. To the best of my knowledge this structure is asbestos free. If you have any questions feel free to call me at 402 306-0656. Sincerely, David Fannon Asbestos Inspector Certificate No. MP733 DAVID FANNON 11911 S. 213th Ave. Gretna,NE 68028 402/306-0656 September 11, 2014 Invest Omaha LLC 8644 Executive Woods Dr. Lincoln,NE 68572 Re: Demo. Omaha,NE Dear Sir, On September 10, 2014, I did a post asbestos abatement inspection on a residential property located at 702 S. 36th Street, Omaha,NE. I did the initial inspection according to meet the minimum National Emissions Standard for Hazardous Air Pollutants (NEASHAP)and the State of Nebraska, and according to my inspection and state notification 2014-0305, 1 sf of HVAC paper, 3,300sf of stucco and 12 If of HVAC tape have been removed per minimum(NEASHAP)requirements and the State of Nebraska. To the best of my knowledge this structure is asbestos free. If you have any questions feel free to call me at 402 306-0656. Sincerely, David Fannon Asbestos Inspector Certificate No. MP733 DAVID FANNON 11911 S. 213`h Ave. Gretna,NE 68028 402/306-0656 September 11,2014 Invest Omaha LLC 8644 Executive Woods Dr. Lincoln,NE 68572 Re: Demo. Omaha,NE Dear Sir, On September 10, 2014, I did a post asbestos abatement inspection on a residential property located at 704 S. 36th Street, Omaha,NE. I did the initial inspection according to meet the minimum National Emissions Standard for Hazardous Air Pollutants (NEASHAP) and the State of Nebraska, and according to my inspection and state notification 2014-0304, 24sf of HVAC paper, 2,500sf of siding, 1 sf if sink undercoating and 1,300sf of ceiling texture have been removed per minimum (NEASHAP) requirements and the State of Nebraska. To the best of my knowledge this structure is asbestos free. If you have any questions feel free to call me at 402 306-0656. Sincerely, David Fannon Asbestos Inspector Certificate No. MP733 DAVID FANNON 11911 S.213th Ave. Gretna, NE 68028 402/306-0656 September 11, 2014 Invest Omaha LLC 8644 Executive Woods Dr. Lincoln,NE 68572 Re: Demo. Omaha,NE Dear Sir, On September 10, 2014, I did a post asbestos abatement inspection on a residential property located at 708 S. 36th Street, Omaha,NE. I did the initial inspection according to meet the minimum National Emissions Standard for Hazardous Air Pollutants (NEASHAP)and the State of Nebraska and according to my inspection and state courtesy notification, 1 If of HVAC tape and 1 sf of sink undercoating have been removed per minimum(NEASHAP)requirements and the State of Nebraska. To the best of my knowledge this structure is asbestos free. If you have any questions feel free to call me at 402 306-0656. Sincerely, ( -7 David Fannon Asbestos Inspector Certificate No. MP733 DAVID FANNON 11911 S. 213th Ave. Gretna, NE 68028 402/306-0656 September 11, 2014 Invest Omaha LLC 8644 Executive Woods Dr. Lincoln,NE 68572 Re: Demo. Omaha, NE Dear Sir, On September 10, 2014, I did a post asbestos abatement inspection on a residential property located at 710 S. 36th Street, Omaha,NE. I did the initial inspection according to meet the minimum National Emissions Standard for Hazardous Air Pollutants (NEASHAP)and the State of Nebraska, and according to my inspection and state notification 2014-0303, 10sf of HVAC tape has been removed per minimum (NEASHAP)requirements and the State of Nebraska. To the best of my knowledge this structure is asbestos free. If you have any questions feel free to call me at 402 306-0656. Sincerely, 12,S( David Fannon Asbestos Inspector Certificate No. MP733 DAVID FANNON 11911 S. 213th Ave. Gretna,NE 68028 402/306-0656 September 11, 2014 Invest Omaha LLC 8644 Executive Woods Dr. Lincoln,NE 68572 Re: Demo. Omaha,NE Dear Sir, On September 10, 2014, I did a post asbestos abatement inspection on a residential property located at 714 S. 36th Street, Omaha,NE. I did the initial inspection according to meet the minimum National Emissions Standard for Hazardous Air Pollutants (NEASHAP) and the State of Nebraska and according to my inspection and state notification 2014-0302, 24sf of isolation joints has been removed per minimum (NEASHAP)requirements and the State of Nebraska. To the best of my knowledge this structure is asbestos free. If you have any questions feel free to call me at 402 306-0656. Sincerely, Q.( David Fannon Asbestos Inspector Certificate No. MP733 DAVID FANNON 11911 S. 213th Ave. Gretna, NE 68028 402/306-0656 September 11, 2014 Invest Omaha LLC 8644 Executive Woods Dr. Lincoln,NE 68572 Re: Demo. Omaha,NE Dear Sir, On September 10, 2014, I did a post asbestos abatement inspection on a residential property located at 718 S. 36th Street, Omaha,NE. I did the initial inspection according to meet the minimum National Emissions Standard for Hazardous Air Pollutants (NEASHAP) and the State of Nebraska and according to my inspection and state notification 2014-0301, 10sf of HVAC tape has been removed per minimum (NEASHAP)requirements and the State of Nebraska. To the best of my knowledge this structure is asbestos free. If you have any questions feel free to call me at 402 306-0656. Sincerely, \-2j)" David Fannon Asbestos Inspector Certificate No. MP733 DAVID FANNON 11911 S. 213th Ave. Gretna,NE 68028 402/306-0656 September 11, 2014 Invest Omaha LLC 8644 Executive Woods Dr. Lincoln,NE 68572 Re: Demo. Omaha, NE Dear Sir, On September 10, 2014, I did a post asbestos abatement inspection on a residential property located at 720 S. 36th Street, Omaha,NE. I did the initial inspection according to meet the minimum National Emissions Standard for Hazardous Air Pollutants (NEASHAP)and the State of Nebraska and according to my inspection and state notification 2014-0300, 2,400sf of siding has been removed per minimum(NEASHAP) requirements and the State of Nebraska. To the best of my knowledge this structure is asbestos free. If you have any questions feel free to call me at 402 306-0656. Sincerely, • David Fannon Asbestos Inspector Certificate No. MP733 DAVID FANNON 11911 S. 213th Ave. Gretna, NE 68028 402/306-0656 September 11, 2014 Invest Omaha LLC 8644 Executive Woods Dr. Lincoln,NE 68572 Re: Demo. Omaha,NE Dear Sir, On September 10, 2014, I did a post asbestos abatement inspection on a residential property located at 701 S. 37th Street, Omaha,NE. I did the initial inspection according to meet the minimum National Emissions Standard for Hazardous Air Pollutants (NEASHAP) and the State of Nebraska, and according to my inspection and state notification 2014-0299, 30 if of HVAC tape and 14sf of floor tile have been removed per minimum (NEASHAP)requirements and the State of Nebraska. To the best of my knowledge this structure is asbestos free. If you have any questions feel free to call me at 402 306-0656. Sincerely, David Fannon Asbestos Inspector Certificate No. MP733 __ � _..,_ ....w.:.- .. wxavay.,+ww wwme.vewwsa 5rm-r.o .e . mx "N w A'•f DAVID FANNON 11911 S. 213th Ave. Gretna,NE 68028 402/306-0656 September 11, 2014 Invest Omaha LLC 8644 Executive Woods Dr. Lincoln,NE 68572 Re: Demo. Omaha,NE Dear Sir, On September 10, 2014, I did a post asbestos abatement inspection on a residential property located at 705 S. 37th Street, Omaha,NE. I did the initial inspection according to meet the minimum National Emissions Standard for Hazardous Air Pollutants (NEASHAP) and the State of Nebraska, and according to my inspection and state notification 2014-0298, 14sf of window glazing have been removed per minimum (NEASHAP)requirements and the State of Nebraska. To the best of my knowledge this structure is asbestos free. If you have any questions feel free to call me at 402 306-0656. Sincerely, David Fannon Asbestos Inspector Certificate No. MP733 DAVID FANNON 11911 S. 213th Ave. Gretna, NE 68028 402/306-0656 September 11, 2014 Invest Omaha LLC 8644 Executive Woods Dr. Lincoln,NE 68572 Re: Demo. Omaha,NE Dear Sir, On September 10, 2014, I did a post asbestos abatement inspection on a residential property located at 719 S. 37th Street, Omaha,NE. I did the initial inspection according to meet the minimum National Emissions Standard for Hazardous Air Pollutants (NEASHAP) and the State of Nebraska and according to my inspection and state notification 2014-0296, 20 if of HVAC tape and 50sf of ceiling texture have been removed per minimum(NEASHAP) requirements and the State of Nebraska. To the best of my knowledge this structure is asbestos free. If you have any questions feel free to call me at 402 306-0656. Sincerely, .17 Je David Fannon Asbestos Inspector Certificate No. MP733 DAVID FANNON 11911 S. 213th Ave. Gretna,NE 68028 402/306-0656 September 11, 2014 Invest Omaha LLC 8644 Executive Woods Dr. Lincoln,NE 68572 Re: Demo. Omaha,NE Dear Sir, On September 10, 2014, I did a post asbestos abatement inspection on a residential property located at 721 S. 37th Street, Omaha,NE. I did the initial inspection according to meet the minimum National Emissions Standard for Hazardous Air Pollutants (NEASHAP)and the State of Nebraska and according to my inspection and state notification 2014-0297, 12sf of HVAC tape has been removed per minimum (NEASHAP)requirements and the State of Nebraska. To the best of my knowledge this structure is asbestos free. If you have any questions feel free to call me at 402 306-0656. Sincerely, David Fannon Asbestos Inspector Certificate No. MP733 C-25A CITY OF OMAHA LEGISLATIVE CHAMBER Omaha, Nebraska RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: WHEREAS, the primary objectives of the City of Omaha's Master Plan and Community Development Program are to encourage additional private investment and infill development within inner-city neighborhoods; and to eliminate conditions which are detrimental to public health, safety and welfare, by developing vacant, underutilized property within these neighborhoods; and, WHEREAS, the redevelopment project site is located between 36th and 37th Streets, and from Jones Street south to the alley, is within a community redevelopment area, as the area meets the definition of blighted and substandard per the Community Development law and is in need of redevelopment; and, WHEREAS, The Conrad Tax Increment Financing (TIF) Redevelopment Project Plan was approved by the TIF Committee and subsequently by the City of Omaha Planning Board at their April 1, 2015 meeting; and, WHEREAS, the project site for The Conrad Tax Increment Financing (TIF) Redevelopment Project Plan is located between 36th and 37th Streets, and from Jones Street south to the alley, and is legally described in Exhibit "A", attached hereto and herein incorporated by reference; and, WHEREAS, The Conrad Tax Increment Financing (TIF) Redevelopment Project Plan proposes the demolition of various residential structures and the new construction of a 153- unit, three-story multi-family structure with integrated parking within the Blackstone neighborhood as described in Exhibit "B" attached hereto and herein incorporated by reference, and; WHEREAS, The Conrad Tax Increment Financing (TIF) Redevelopment Project Plan recommends City's participation in the redevelopment of this project site through the allocation of TIF in an amount up to $2,246,800.00 to offset TIF eligible expenses for acquisition, demolition, architectural and engineering fees, and other public improvements as necessary, for a project with total estimated costs of$21,711,158.00; and, By Councilmember Adopted City Clerk Approved Mayor 0 o' C O rD CD U Z G \ GCD _ n C- ZSA CITY OF OMAHA LEGISLATIVE CHAMBER Omaha,Nebraska Page 2 WHEREAS, the Plan presents a project based on estimated figures and projections that are subject to change as project costs are finalized, and is required to comply with all Planning Department requirements and Planning Board recommendations; and, WHEREAS, Section 18-2108 of the Nebraska Revised Statutes requires the City of Omaha to adopt a redevelopment plan before taking an active part in a redevelopment project; including the division of ad valorem taxes for a period not to exceed fifteen years under Sections 18-2147 through 18-2150, Revised Statutes of Nebraska; and, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: THAT, the attached The Conrad Tax Increment Financing (TIF) Redevelopment Project Plan for a site located between 36th and 37th Streets, and from Jones Street south to the alley proposes the demolition of various residential structures and the new construction of a 153- unit, three-story multi-family structure with integrated parking within the Blackstone neighborhood, recommends the City's participation through the allocation of TIF in an amount up to $2,246,800.00 to offset TIF eligible expenses for acquisition, demolition, architectural and engineering fees, and all public improvements, containing a provision for the division of ad valorem taxes under Section 18-2147 through 18-2150, Revised Statutes of Nebraska, as recommended by the City Planning Department, be and hereby is approved. APPROVED AS TO FORM: ASST. ITY ATTORN Y DATE 2168 dlh y Councilmember Adopted MAY 1 9 ZO '7-c .LMed4D TY City Clerk Approved AC INC Mayor NO. Resolution by Res. that, the attached The Conrad Tax Increment Financing (TIF) Redevelopment Project Plan for a site located between 36th and 37th Streets, and from Jones Street south to the alley proposes the demolition of various residential structures and the new construction of a 153-unit, three-story multi- family structure with integrated parking within the Blackstone neighborhood, recommends the City's participation through the allocation of TIF in an amount up to $2,246,800.00 to offset TIF eligible expenses for acquisition, demolition, architectural and engineering fees, and all public improvements, containing a provision for the division of ad valorem taxes under Section 18-2147 through 18-2150, Revised Statutes of Nebraska, as recommended by the City Planning Department, be and hereby is approved. 2168 dlh Presented to City Council APR 282015 • 1. 524', ' / ,)// m1y 1 9 2015-'' Adopte4 U�uJler �rown2 City Clerk